States are likely to adopt Bitcoin (BTC<\/a>) reserves before the US federal government does, Senator Cynthia Lummis reportedly said on Feb. 28 during the Bitcoin Investor Week conference in New York.\u00a0<\/p>\n \u201cMy bets are that you\u2019ll see a state have a Bitcoin strategic reserve before the federal government,\u201d Lummis said, according<\/a> to a Bloomberg report.\u00a0<\/p>\n In July 2024, Lummis, a Wyoming Republican, proposed legislation<\/a> that would require the US federal government to create a national Bitcoin stockpile.\u00a0<\/p>\n Her bill, dubbed the BITCOIN Act, calls for the US Treasury Department to gradually accumulate 1 million BTC, ultimately acquiring \u201ca total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States,\u201d according to Lummis\u2019 website. <\/p>\n Lummis proposed the Bitcoin Act in July 2024. Source: <\/em>Cynthia Lummis<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Related: <\/strong><\/em>Michigan becomes latest state to propose crypto reserve bill<\/strong><\/em><\/a><\/p>\n In January, US President Donald Trump signed an executive order requiring federal officials to study the feasibility of a national Bitcoin stockpile. It was one of the first actions of Trump\u2019s second presidential term, which started on Jan. 20.\u00a0<\/p>\n In February, Trump signed another order instructing the US government to create a sovereign wealth fund, which could potentially serve as a vehicle for buying BTC.<\/p>\n \u201cWe\u2019re seeing the United Arab Emirates purchase Bitcoin. You\u2019re going to look at some of the sovereign wealth funds around the world who are not as tied up in a democratic republic like we are, be able to just make it so,\u201d Lummis reportedly said.\u00a0<\/p>\n There are currently 18 US states that have crypto reserve bills pending Senate votes, while two \u2014 Arizona<\/a> and Utah<\/a> \u2014\u00a0 are in the final stages of the approval process.<\/p>\n State crypto investment bills have been rejected in Montana, Wyoming, North Dakota, South Dakota and Pennsylvania.\u00a0<\/p>\n Although some states run by Democrats might resist Trump\u2019s crypto-friendly stance, others are expected to embrace crypto as a bipartisan issue. <\/p>\n \u201c[T]here are so many states out there that are pro-crypto, and they don\u2019t necessarily follow blue or red policies,\u201d Ashley Gunn, Coinbase\u2019s senior manager for US policy, said during a Feb. 28 ETHDenver panel attended by Cointelegraph. <\/p>\n Establishing a strategic Bitcoin reserve in the United States would accelerate Bitcoin\u2019s adoption<\/a> even more than 2024\u2019s exchange-traded fund (ETF) launches, cryptocurrency researcher CoinShares said in January.<\/p>\n \u201cWe believe that the enactment of the Bitcoin Act in the United States would have a more profound long-term impact on Bitcoin than the launch of ETFs,\u201d CoinShares said.<\/p>\n Launched in January 2024, US-based Bitcoin ETFs hold upward of $100 billion worth of BTC.<\/p>\n Magazine: <\/strong><\/em>3AC-related OX.FUN denies insolvency rumors, Bybit goes to war: Asia Express<\/strong><\/em><\/a><\/p>\nBitcoins Progress toward a Bitcoin reserve<\/h2>\n