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As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray
Utah cleared its digital assets bill through the state house, and Kentucky and Maryland introduced their own efforts, making it 18 states working on such bills.
Feb 7, 2025, 9:03 p.m.
What to know:
- Utah is now two steps away — senate and governor approval — from a law to direct public money into crypto investment, and other states are trying to follow suit.
- A Maryland lawmaker jumped in with a strategic bitcoin reserve proposal for that state, and Kentucky has also joined the growing list of states weighing the investment of some retirement fund money into digital assets.
- As of now, 22 states have bills, are seriously discussing proposals or are already investing in crypto.
As Utah became the first state to get a bill through a legislative chamber that would allow the investment of public money into crypto assets, lawmakers in two other states joined the hunt this week: Kentucky and Maryland.
Though broadly identified with the Republican-led charge toward a so-called "bitcoin strategic reserve" at the federal level, the states have moved their own measures, widely varied as to how each might invest state money into digital assets.
STORY CONTINUES BELOW
Utah's bill to allow the state treasurer to put money into digital assets survived a tight vote in the Utah House of Representatives — advancing with just a three-vote margin — to head on Friday to the state senate. If it clears both chambers and is signed into law by the governor, the legislation would permit investing public money into stablecoins or cryptocurrency with a market cap of more than $500 billion, which is currently a single-name list: bitcoin.
The new bill in Maryland this week, introduced by Democrat Delegate Caylin Young, pushes for a bitcoin (BTC) strategic reserve, much like the one contemplated by U.S. Senator Cynthia Lummis. In Maryland, the reserve would be funded through revenue from the enforcement of gambling violations.
The legislation in Kentucky also landed this week, with two bills — so far — that would open state retirement funds for investment in digital assets exchange-traded funds. The bills would also throw up roadblocks for the use of central bank digital currencies (CBDCs).
Most of the state bills have steered clear of calling for new taxpayer money to be channeled into crypto.
Read More: U.S. Bitcoin Reserve May Be Coming, But States Are Winning the Race
Fifteen other states are weighing legislation in their current sessions, with others expected to follow, and another two states — Michigan and Wisconsin — already have portions of their retirement funds in crypto ETFs. The surge in state interest mostly developed after the election of President Donald Trump and his stated interest in a strategic stockpile of digital assets.
Trump issued an executive order calling for his administration's crypto working group to examine the possibilities of a crypto stockpile for the U.S., though he's stopped short of calling for a strategic bitcoin reserve.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Consumer Groups Join Unions Trying to Derail U.S. Crypto Market Structure Bill
Political progressives have joined forces to oppose current versions of the industry-backed legislative effort in the Senate.
What to know:
- Consumer advocates are jumping in with unions to push back on the crypto market structure bill making its way through the U.S. Senate.
- They're saying it poses dangers to people's finances and the stability of the U.S. economy.
- Senators have been working toward a markup of the legislation in the Senate Banking Committee as soon as next week, though some expect the date to slip beyond the holidays.
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