16 U.S. States Set to Propose Strategic Bitcoin Reserve Legislation

• Sixteen U.S. states are set to introduce Strategic Bitcoin Reserve legislation, showcasing rapid policy momentum.
• Ohio’s proposed bill allocates 10% of state funds to digital assets, with Bitcoin meeting key market cap requirements.
• Dennis Porter and industry leaders support the trend, highlighting Bitcoin’s potential as a hedge against economic uncertainties.

Sixteen U.S. states are preparing to introduce Strategic Bitcoin Reserve legislation, marking a shift in state-level cryptocurrency policy. This development comes after former President Donald Trump advocated for a national Bitcoin reserve during his campaign trail at the Nashville Bitcoin Conference. The momentum for state-based Bitcoin reserves has surged over the past three months, according to Dennis Porter, CEO of Satoshi Action Fund.

States Embrace Strategic Bitcoin Reserves

Dennis Porter confirmed on X that at least 16 states will propose legislation for Strategic Bitcoin Reserves. Just three months earlier, no states had made such proposals. This rapid increase has sparked discussions among Bitcoin investors and enthusiasts, who have expressed support for the growing trend.

Ohio, among the states pushing for Bitcoin reserves, introduced a new house bill led by Representative Steve Demetriou. The proposed legislation would allow Ohio’s state treasurer to allocate up to 10% of state funds for digital assets, including Bitcoin.

Ohio’s Approach to Cryptocurrency Legislation

Ohio’s legislation has been designed to maintain neutrality in technology, referring to “digital assets” instead of specifically naming Bitcoin. However, the bill specifies that reserve assets must have an average market capitalization of at least $750 billion over the preceding 12 months. Currently, Bitcoin is the only digital asset meeting this criterion, with a market cap of $2.07 trillion.

Representative Demetriou stated that such a reserve could protect Ohio’s funds against inflation and economic uncertainties. If passed, the legislation would add a layer of financial security to the state’s treasury while embracing digital innovation.

Dennis Porter has played an active role in drafting cryptocurrency legislation, including the “Bitcoin Rights” bill in Pennsylvania and 20 other states. Porter previously predicted that both G7 and BRICS nations could eventually establish Bitcoin reserves.