Race for Bitcoin Reserves: US Makes a Move

John Cabello, Deputy Minority Whip of the Illinois (US) House of Representatives, has introduced a bill to create a strategic reserve in the first cryptocurrency (SBR).

Dennis Porter, CEO of the Satoshi Action Fund, has drawn attention to this initiative and many others like it. The organisation he leads is promoting the first cryptocurrency in political and business circles across the country.

In December 2024, Porter described a mechanism by which President Donald Trump could fund the formation of a federal SBR before Congress enacted legislative changes. He warned that a 'wave of SBRs' would be organised at the state level if central authorities did not act quickly to establish a fund.

In January, Trump, as part of his election promises, announced the creation of a task force on digital assets, headed by special advisor on AI and cryptocurrencies David Sacks. One of the goals of the structure is to assess the prospects for implementing the SBR.

The largest public miner by capitalisation, MARA Holdings, has joined in lobbying for the creation of Bitcoin reserves at the federal level and in all 50 states.

Illinois

John Cabello's proposal is to establish a fund managed by the state treasurer. The digital gold deposits will be kept for at least five years. During this period, the bitcoins in the reserves cannot be transferred, sold or converted into other assets.

In the first cryptocurrency, the facility will be able to receive voluntary donations.

The legislature has proposed periodic audits every two years. Cabello believes it is necessary to use cold storage of coins as a security measure.

Ohio

House Majority Leader Steve Demetriou has introduced a new bill to create SBR. Six other state assemblymen are also co-authors of the bill.

In December, a similar initiative was first presented by Republican Derek Merrin.

Among the features of Demetriou's proposal:

the state can allocate up to 10% of the budget stabilisation fund to investments in bitcoins;
the structure uses reliable self-storage solutions;
only assets with a market capitalisation of at least $750 million can be included in the reserve.

Arizona, Utah, Texas, etc.

In Arizona, the SBR formation bill was the first among the states to be discussed in the relevant committee. The document will soon be submitted to the Senate for a vote.

The co-authors of the proposal are Republicans Wendy Rogers and Jeff Weninger. The second to do so was the Utah Senate - the SBR document has already left committee as well.

In South Dakota, the Bitcoin fund bill has just begun its journey through Congress - it was registered by Representative Logan Manhart.

In Texas, the lieutenant governor declared the creation of the SBR a 'priority', noted Porter. In December, the House of Representatives received the equivalent act.

In late January, a bill allowing local governments and pension funds to invest in bitcoin was introduced in the Arizona Congress. A similar initiative was introduced in Indiana. The Bitcoin Conference organisation counted a total of 10 states where legislative acts on the first cryptocurrency have already been introduced.

Analysts at Fidelity Digital Assets believe that Bitcoin adoption nationwide in 2025 will be a powerful driver for digital assets.

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