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Lawmakers successful Wyoming and Massachusetts person precocious introduced bills to authorize authorities investments successful Bitcoin (BTC), bringing the full fig of US states with specified proposals to eight.
In Wyoming, Representative Jacob Wasserburger introduced House Bill 201, titled “State Funds-Investment successful Bitcoin,” proposing that the authorities allocate up to 3% of its nationalist funds to Bitcoin investments.
If enacted, the authorities would alteration the Wyoming State Treasurer to see Bitcoin among the assets managed for the state’s wide fund, imperishable mineral spot fund, and imperishable onshore fund.
According to Wyoming’s latest State Treasurer concern report, the authorities managed $30.8 cardinal successful assets arsenic of Nov. 30, 2024. The largest trust, the Permanent Wyoming Mineral Trust Fund, holds astir $11.5 billion, enabling imaginable Bitcoin investments exceeding $300 cardinal nether the projected guidelines.
Representatives Ann Lucas, Gary Brown, Lee Filer, Daniel Singh, and Darin Smith, on with Wasserburger, co-sponsored the bill.
Wyoming Senator Cynthia Lummis congratulated Wasserburger connected introducing the bill and said Wyoming “took its archetypal bold measurement toward a strategical Bitcoin reserve.”
She added:
“This forward-thinking attack volition payment our authorities arsenic we pb the federation successful fiscal innovation!”
In Massachusetts, Senator Peter Durant introduced Senate Docket 422 (SD422), titled “An Act Relative to a Bitcoin Strategic Reserve.” The measure seeks to authorize the Massachusetts State Treasurer to put a information of the state’s nationalist funds successful Bitcoin
Unlike Wyoming’s proposal, SD422 besides includes provisions for investments successful different integer assets, though it does not specify prerequisites for specified investments.
The measure allows investing up to 10% of the yearly deposits successful the Commonwealth Stabilization Fund into Bitcoin oregon different integer assets. As of Sept. 19, the authorities money registered implicit $8 billion successful assets, which would let for an $800 cardinal allocation successful BTC.
Investment methods
Both Wyoming and Massachusetts bills outline stringent information measures for managing Bitcoin investments.
Under the projected legislation, authorities treasurers indispensable guarantee unafraid custody of integer assets, including cryptographic backstage keys controlled exclusively by the state, encrypted retention environments, and geographically diversified unafraid information centers.
The proposals besides licence investments done regulated spot companies oregon approved exchange-traded products, provided these conscionable national oregon authorities regulatory standards. Additionally, the bills necessitate robust governance structures, catastrophe betterment protocols, and regular information audits to safeguard integer plus holdings.
Wyoming’s measure excludes staking and investments successful different integer assets with marketplace capitalizations exceeding $500 billion. Meanwhile, Massachusetts’ connection allows the treasurer to indebtedness Bitcoin oregon different integer assets to make returns, provided it does not summation the state’s fiscal risk.
Up to 15 states
Wyoming and Massachusetts are the latest among 8 states that person introduced Bitcoin-related authorities since December 2024.
Representatives Mike Cabell, Giovanni Capriglione, and Derek Merrin introduced plans for authorities investments successful Bitcoin in Pennsylvania, Texas, and Ohio, respectively, successful December, while New Hampshire and North Dakota enacted akin moves earlier this month.
Dennis Porter, co-founder and CEO of the Satoshi Action Fund, is aiding legislative efforts successful assorted US states. He antecedently stated that 12 states would present authorities this twelvemonth to found a Bitcoin strategical reserve.
However, connected Jan. 17, helium raised the fig by confirming that up to 15 states volition enactment connected specified a strategy successful 2025.
The station Wyoming and Massachusetts present authorities to let authorities investments successful Bitcoin appeared archetypal connected CryptoSlate.
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