Which states are next after New Hampshire won the crypto reserve race?

Source: Blockworks; Translated by: Wuzhu, Golden Finance

Among the U.S. states that are considering legislation allowing digital asset investment and/or building reserves, New Hampshire has won the competition.

How long do we expect other states to follow suit?

As of yesterday, a bill aimed at establishing a “Digital Asset Strategic Reserve Fund” managed by the state’s Treasury Secretary has been delivered to the desk of Arizona Gov. Katie Hobbs.

But Hobbs may veto the bill because she last week rejected another bill that allows state public funds to invest up to 10% of “virtual currency assets.” She called these "untested investments."

So, if it weren 't for Arizona, who would be the next one? According to the compiled documents, it may be North Carolina or Texas.

North Carolina 's Digital Asset Investment Act will authorize the state's Treasury Secretary to invest 5% of any designated funds in "qualified digital assets." The bill was passed in the second reading on April 30 with 71 votes in favor and 44 votes against the House of Representatives and was submitted to the Senate for consideration.

The bill will also “examine the feasibility of allowing state retirement income plan members to make such investments (via cryptocurrency ETP)” and study the establishment of state reserves to hold cryptocurrencies seized or forfeited.

The proposed Strategic Bitcoin Reserves and Investment Act in Texas will establish a special fund to invest in cryptocurrency assets with a market capitalization of $500 billion (currently limited to BTC only).

Ishmael Green, partner at Diaz Reus, said he expects about six states to follow New Hampshire's approach in the short and medium term—“because states are seeking to hedge inflation in addition to protecting their balance sheets.”

In fact, the Texas bill text is as follows:

“In the long run, such laws will lead to price upward pressure and supply shortages as states and other institutional entities scramble to stockpile more bitcoin,” Green told me.

If these bills are finally passed, what do the governors in North Carolina and Texas think of cryptocurrencies? North Carolina Gov. Josh Stein did not comment much on this, but expressed support for the legislation.

Texas Governor Greg Abbott wrote in a November X post: " Texas is already the birthplace of cryptocurrency mining. Texas should become the cryptocurrency capital during this session."

David Lawant, FalconX research director, said he also expects at least several more states to enact such laws in the next six to 12 months.

But he is focusing on the Bitcoin Policy Institute’s framework (scheduled to be released in June) that aims to help states develop effective BTC reserve laws.

“One common problem with many current proposals is that they are not worded clearly and structured not well enough,” Lawant told me.

It can be said that there are many things like this.