A Kansas lawmaker has proposed a bill to establish the state’s Bitcoin reserve. This comes as more US States look to have a digital asset stockpile implemented in their economy,
Kansas introduces Bitcoin Reserve Bill
Lawmakers in the US state are proposing a new bill that will create a Bitcoin stockpile. This follows the trend of other States that are already pivoting into digital assets. The fund would include staking rewards, airdrops, and interest earned on other digital assets in Kansas’ unclaimed properties.
The reserve would include cyptocurencies and “other digital-only assets,” rather than making further direct purchases of Bitcoin. For assets stored digitally, those will be considered non-claimed assets under this scenario.
And at the expiration of those three years without activity and communication, these assets will have to be transferred to their to Kansas’ Bitcoin reserve. Assets will also be locked to accrue staking rewards. State authorities will even have the right to these assets to reclaim them.
If the said assets are still not claimed after three years, all staking rewards, airdrops, and interest accrued would be transferred directly to the Bitcoin and Digital Assets Reserve Fund. Furthermore, 10% of everything going into that fund would also have legislative approval with every expense.
This comes after Texas became the first U.S state to establish a BTC stockpile. They acquired about $20 million in BTC last November to commence their strategy as Kansas joins the Bitcoin reserve trend.
United States BTC Reserve Grows Through Seized Assets
At the Federal level, the US Treasury Secretary, Scott Bessent, reaffirmed his country’s dedication to the addition of Bitcoin seized from criminals to the digital wealth reserve.
Reporting from the Davos news conference on Tuesday, Bessent advised journalists at the event to note the sale of the confiscated Bitcoins still remained suspended.
This comes after Senator Lummis had maintained that they would start funding the treasury anytime from now. Apart from Kansas’s Bitcoin reserve, other states are also pushing to establish their stockpile.
Elsewhere, countries like El Salvador and Bhutan have already integrated Bitcoin into their development plans, with these countries having direct holdings and state-linked mining.
Source: https://coingape.com/kansas-advances-bitcoin-reserve-proposal-as-states-explore-digital-asset-funds/
