New Mexico legislators submitted a draft Senate Law 275, known as the Bitcoin Strategic Reserve Law, which will allow the state to invest up to 5 % of public funds in BTC. Under the sponsorship of Senator Anthony L. Thornton, the draft law determines specific funds qualified for Bitcoin investments, including the permanent land grant fund, the permanent service tax fund, and the permanent tobacco settlement fund, among other things suitable for the investment council in the state.
The draft law gives the treasury secretary and the government investment board to allocate Bitcoin investments from these funds, with the aim of diversifying the financial holdings of the state. If it is passed, New Mexico will become one of the first American states to integrate an official work in its investment strategy.
🚨 New: Bitcoin reserve law in New Mexico
SB57 New Mexico allows 5 % of public funds in Bitcoin! pic.twitter.com/d2alzkcbpm
Julian Fahr (@julian__fahr) February 5, 2025
At the federal level, the White House also reviews the role of bitcoin in government reserves. David Sacks, Amnesty International for the encoding and cryptocurrency organization, stressed that Bitcoin’s evaluation as a strategic reserve asset represents a priority for the president’s digital asset work group.
Speaking at a press conference with Republican lawmakers, Sacks stated, “One of the things that the president ordered to do is to assess the idea of Bitcoin reserves.” He added that this will be among the first reviews of the administration’s internal work group.
The review process is still in its early stages, as some of the main members of the working group are waiting for confirmation. “Once we get all this preparation – we are still waiting for some cabinet secretaries in the working group to confirm,” Sachs explained.
While discussing Bitcoin’s capabilities as the Federal Reserve, Sacks noticed that the concept of the sovereign wealth box is separate from this initiative. No timetable for the work group results has been announced.
Also read: Crypto CZAR: Bitcoin Reserve Bags
