An anonymous reader shared this report from CNBC:
Led by Texas and New Hampshire, U.S. states across the national map, both red and blue in political stripes, are developing bitcoin strategic reserves and bringing cryptocurrencies onto their books through additional state finance and budgeting measures. Texas recently became the first state to purchase bitcoin after a legislative effort that began in 2024, but numerous states have joined the "Reserve Race" to pass legislation that will allow them to ultimately buy cryptocurrencies. New
Hampshire passed its crypto strategic reserve law last May, even before Texas, giving the state treasurer the authority to invest up to 5% of the state funds in crypto ETFs, though precious metals such as gold are also authorized for purchase. Arizona
passed similar legislation, while Massachusetts,
Ohio,
and South
Dakota have legislation at various stages of committee review...
Similarities in the actions taken across states to date include
include authorizing the state treasurer or other investment official
to allow the investment of a limited amount of public funds in crypto
and building out the governance structure needed to invest in
crypto... [New Hampshire] became the first state to approve the
issuance of a bitcoin-backed municipal bond last November, a $100 million issuance that would mark the first time cryptocurrency is used as collateral in the U.S. municipal bond market. The deal has not taken place yet, though plans are for the issuance to occur this year... "What's different here is it's bitcoin rather than taxpayer dollars as the collateral," [said University of Chicago public policy professor Justin Marlowe]. In numerous states, including, Colorada,
Utah, and Louisiana,crypto is now accepted as payment for taxes and other state
business...
"For many in the state/local investing industry, crypto-backed assets are still far too speculative and volatile for public money," Marlowe said. "But others, and I think there's a sort of generational shift in the works, see it as a reasonable store of value that is actually stronger on many other public sector values like transparency and asset integrity," he added. ...
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