Ten states propose Bitcoin investment laws, fueling crypto momentum, while Kraken and Senator Lummis advocate for a US Bitcoin reserve.
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| Kraken partners with US Senate to discuss Bitcoin Strategic Reserve as 10 states push for crypto legislation ahead of Trump’s anticipated return. Image/ Illustration: ChicHue |
Washington, USA — January 18, 2025:
Momentum builds for a US Bitcoin Strategic Reserve as Kraken executives join Senator Cynthia Lummis to discuss regulations and planning. In a post on Friday, Lummis detailed her meeting with Kraken’s team, which focused on advancing the reserve initiative and shaping crypto policies under a potential second Donald Trump presidency.
Ten states—Massachusetts, Wyoming, New Hampshire, Alabama, Florida, Pennsylvania, Texas, Ohio, North Dakota, and Oklahoma—are driving the legislative push. Each state has proposed bills to allocate portions of state funds to Bitcoin investments, with some suggesting up to 10% of their reserves be converted. The initiative signals a growing interest in Bitcoin as a strategic asset amidst its recent rally, trading at $104,430, up 4% in the past 24 hours.
Reports suggest that Donald Trump, widely expected to return to the presidency, could accelerate the adoption of the Bitcoin reserve. He is rumored to be preparing executive orders to approve the initiative, while also considering an alternative “America’s First Crypto Reserve” focused on native tokens like XRP, Solana (SOL), and stablecoin USDC. The potential altcoin reserve has sparked controversy within the crypto community.
Senator Lummis, a longtime Bitcoin advocate, described the strategic reserve as a critical step for US financial innovation. “We’re working tirelessly to get this plan across the finish line,” she said, emphasizing the bipartisan nature of the effort.
Adding to the excitement, crypto advocate Vivek Ramaswamy, co-leader of the Department of Government Efficiency (DOGE) alongside Elon Musk, is rumored to be planning a gubernatorial run in Ohio. If elected, Ramaswamy could spearhead sweeping crypto reforms in the state.
Analysts predict the establishment of a Bitcoin reserve could drive BTC’s price to $150,000, setting the stage for a prolonged bull rally in 2025. Meanwhile, the crypto market watches closely as legislative developments unfold, poised for a potentially transformative year for digital assets in the United States.