Bitcoin strategic reserve bill introduced in Wyoming
Key Takeaways
- Wyoming lawmakers are proposing a bill to allow state funds to be invested in Bitcoin, up to a 3% limit per fund.
- The bill mandates strict security measures for Bitcoin custody and requires the state treasurer to report annually on investment performance.
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Wyoming lawmakers have introduced legislation that would allow the state treasurer to invest public funds in Bitcoin, with investments capped at 3% for each qualifying state fund.
The bill, HB0201, covers investments from the general fund, permanent Wyoming mineral trust fund, and permanent land fund.
Under the proposed legislation, Bitcoin investments can be made through direct purchases using secure custody solutions, qualified custodians, or exchange-traded products from registered investment companies.
The legislation includes strict security protocols for Bitcoin custody, requiring encrypted storage of private keys with access limited to the state treasurer. The treasurer must submit annual reports detailing investment performance, custody arrangements, market values, and any Bitcoin-denominated payments.
Wyoming’s initiative follows the state’s broader push into blockchain technology and digital assets, as lawmakers explore crypto as an investment option for public funds.
The proposed legislation comes as other states are also exploring the potential of crypto investments for public funds. If passed, HB0201 would make Wyoming one of the first states to formally authorize such investments.
The bill is set to take effect immediately upon completion of all necessary legislative processes. It will now move through the Wyoming legislature where it will be debated and voted on.
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Author: Vivian Nguyen
