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Kentucky Joins Growing List of US States to Propose Bitcoin Reserve Legislation
Kentucky's bill is a 'massive vote of confidence in bitcoin' that moves the US closer to a federal bitcoin reserve
Kentucky Joins Growing List of US States to Propose Bitcoin Reserve Legislation
News
Kentucky has become the 16th US state to introduce legislation to establish a bitcoin reserve, underscoring the growing adoption of digital assets at the state level.
The bill, KY HB376, was introduced by Kentucky State Representative Theodore Joseph Roberts on February 6. If passed, it would authorize the State Investment Commission to allocate up to 10% of the State’s excess reserves to digital assets, including bitcoin (BTC). The bill states:
“The aggregate amount of excess cash invested pursuant to subsections (9)(k), (l), and (m) of this section shall not, at the time of investment, exceed ten percent (10%) of the aggregate amount of excess cash invested pursuant to subsection (9) of this section.”
KY HB376 bill. Source: Legiscan.com
While the bill does not directly mention specific cryptocurrencies, it imposes criteria that exclude stablecoins and require a market capitalization greater than $750 billion on average over the previous year.
Only bitcoin meets these criteria, with its capitalization of 1,900 billion dollars.