Maryland joins states proposing strategic bitcoin reserve A proposed bill would allow Maryland to invest in bitcoin using funds generated from fighting gambling offenses.
Additionally, the fund would accept #bitcoin donations from state agencies and state residents. The bill also requires state agencies to accept #cryptocurrencies to pay taxes, fees, fines and other authorized payments. Payers would be responsible for transaction fees.
the bill outlines a structured approach to bitcoin purchase and storage, emphasizing security, transparency and accountability in the management of #digital assets.
Maryland is Arizona,
Maryland has joined a list of states considering similar legislation, including Arizona, Alabama, Florida and 17 other states, according to
bitcoinlaws. io.
Maryland's bill follows recent initiatives in other states, including Utah.
Utah's bill follows recent initiatives in other states, including Utah, where the House of Representatives on Feb. 6 passed House Bill 230, which now heads to the Senate.
Utah's bill proposes allowing the state treasurer to allocate up to 5 percent of certain state funds to bitcoin and other major digital assets.
Similarly, Kentucky's bitcoin reserves bill (KY HB376) was introduced on February 6, which allows the state's Investment Commission to direct up to 10% of excess state reserves into bitcoin and other digital assets.
ECB on bitcoin reserves.
Senator Cynthia Lummis is pushing a bitcoin reserve bill that aims to make the U. S. the primary holder of digital assets. She said in a Jan. 21 #interview that while progress has been made, the bill would require at least 60 votes in the Senate to gain bipartisan support.
The proposal aims to accumulate 1 million bitcoins, or 5 percent of the total, over the next five years.
There are 198,100 bitcoins in the U. S. confiscated through asset forfeiture. to partially fund this reserve.
According to estimates by asset management company VanEck, if bitcoin grows at 25% per year and the U. S.
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