Several U.S. states have attempted to put public money into cryptocurrencies, but so far, five of these efforts have failed. However, Utah is close to passing a bill that would allow the state to invest up to 5% of certain public accounts into digital assets. Texas has also reportedly advanced a bill to its state Senate. The idea of a federal strategic digital assets reserve has been discussed by the U.S. Congress and President Donald Trump, with some states racing to beat the federal government to the punch. The market value of bitcoin, the main asset in these efforts, has dropped significantly in recent weeks, which may have dampened enthusiasm. Despite the setbacks, the campaign for state-level crypto reserves will continue, with many states likely authorizing digital assets for state pension and investment before exploring more aggressive digital asset reserves.



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