Maryland and Kentucky this week joined a growing list of U.S. states mulling Bitcoin and other digital assets as a way to strengthen their reserves.

Dubbed the Strategic Bitcoin Reserve Act of Maryland, a measure introduced by Democratic State Delegate Caylin Young on Friday would enable the state to establish exactly that, according to a description of the bill’s text.

While some state lawmakers have introduced bills that call for investments in digital assets broadly, Young’s bill explicitly mentions the largest cryptocurrency by market cap. What’s more, the bill authorizes the Maryland State Treasurer to invest in Bitcoin using funds derived from the “enforcement of certain gambling violations.”

Young’s bill was preceded by a bill with a less descriptive title in Kentucky—currently dubbed House Bill 376. Introduced by T.J. Roberts, a Republican member of the Kentucky State House of Representatives, the bill calls for the state to begin investing in digital assets and precious metals.

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Author: André Beganski

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