

US States FOMO into Bitcoin?
May 4, 2025
Arizona is racing to establish a strategic Bitcoin reserve, with two bills poised for governor approval. The discussion highlights Texas's cautious approach and New Hampshire's legislative efforts. With 40 bills on the table nationwide, the competition is fierce, but several initiatives face political hurdles. Notably, Oklahoma's bill narrowly failed, showcasing the challenges in advancing Bitcoin legislation. The conversation uncovers the complexities of state investment strategies in Bitcoin and the varying regulatory landscapes across the U.S.
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Arizona Leads Bitcoin Reserve Race
- Arizona is close to becoming the first US state with a strategic Bitcoin reserve after passing two bills.
- The main hurdle is the Democratic governor's signature amid political tension.
Arizona Bills' Custody and Yield Provisions
- Arizona bills allow up to 10% of funds to be invested in Bitcoin and permit lending to generate yield.
- One bill considers storing Bitcoin with the federal government if a national reserve forms, which raises custody debates.
Custody Choices for States' Bitcoin
- States face a spectrum of custody choices from fully self-custody to professional custodians.
- Given their resources, states could self-custody Bitcoin, but many prefer outsourcing to reduce risk and complexity.