Wyoming Proposes Legislation To Allow State Funds to Invest in Bitcoin
The post Wyoming Proposes Legislation To Allow State Funds to Invest in Bitcoin appeared on BitcoinEthereumNews.com.
Wyoming lawmakers have introduced House Bill 0201 (HB0201), a bill that would allow the state to invest public funds in Bitcoin. The proposal limits Bitcoin investments to 3% of qualifying state funds, including the general fund, permanent mineral trust fund, and permanent land fund. Bitcoin as Part of Wyoming’s Financial Strategy The bill permits the Wyoming State Treasurer to directly buy Bitcoin or use it to acquire regulated Bitcoin Exchange-Traded Products (ETPs) from registered investment companies. The initiative aims to expand the investment approach of the state and explore the possibilities of Bitcoin as an appreciating asset. According to the sponsor of HB0201, Representative Jacob Wasserburger, the bill will help Wyoming maintain a lead in the area of financial innovation. “In the tradition of great policy-making, it is not only sensible but path-breaking for the state of Wyoming to invest in Bitcoin,” he said. The bill also provides for the security of Bitcoin investments by providing rules for the safe custody of the investments and annual performance reports. This move comes as Wyoming leads the pack in embracing digital assets having enacted more than two dozen blockchain and crypto-friendly laws since 2018. Wyoming’s Blockchain Leadership and National Implications Wyoming also has a friendly legal stance toward blockchain and cryptocurrency by legal means, such as the adoption of the Special Purpose Depository Institution (SPDI) charter. This framework allowed the regulated banks in the state to engage in the handling of digital assets which made Wyoming one of the most friendly states to crypto in the United States. The proposed Bitcoin reserve is in line with the efforts by Wyoming Senator Cynthia Lummis and President-elect Donald Trump to develop the United States Strategic Bitcoin Reserve. Lummis has previously expressed support for Bitcoin as a reserve currency saying that it has the potential…
Filed under: News - @ January 18, 2025 8:17 am