Several U.S. states have advanced proposals to include Bitcoin in public reserves, though legislative results vary significantly across jurisdictions.
New Hampshire became the inaugural state to authorize Bitcoin reserves under HB 302, permitting allocation of up to 5% of public funds to the cryptocurrency. This landmark legislation positions New Hampshire as a pioneer in formalizing Bitcoin within state treasury management frameworks.
Texas enacted a robust institutional adoption strategy through Senate Bill 21 and House Bill 4488, establishing the Texas Strategic Bitcoin Reserve with substantial capitalization thresholds. The move signals a significant commitment to cryptocurrency as a treasury asset.
Arizona adopted mixed policy approaches, updating unclaimed property laws (HB 2749) to retain cryptocurrency assets while seeing gubernatorial vetoes on Bitcoin retirement fund bills SB 1025 and HB 2324. The vetoes disrupted broader cryptocurrency integration ambitions for pension systems.
Other states encountered legislative setbacks, with Bitcoin reserve proposals failing in Montana, North Dakota, Pennsylvania, Wyoming, and South Dakota due to insufficient support or concerns about risk management. Utah passed blockchain-friendly laws but stripped Bitcoin reserve authorization during legislative negotiations.