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crypto.news 2025-01-17 18:41:08

Wyoming proposes Bitcoin investments for state funds

Wyoming lawmakers have introduced House Bill 0201, which aims to permit up to 3% of state funds to be invested in Bitcoin. The bill would apply to key funds, such as the general fund and the permanent mineral trust fund, marking a potential milestone in public fund management. If approved, the state treasurer could invest directly in Bitcoin ( BTC ) through secure custody solutions, registered custodians, or exchange-traded products. To ensure security, the bill mandates stringent custody protocols, including encrypted private key storage accessible only to the treasurer. Additionally, annual performance reports covering Bitcoin holdings, market valuations, and custody arrangements would be required. This proposal aligns with Wyoming’s broader embrace of blockchain and crypto technologies, reinforcing its reputation as a crypto-friendly state. While other states are exploring similar initiatives, Wyoming could become one of the first to formalize Bitcoin investments for public funds. You might also like: MARA mines “Trump 47” block to honor first Bitcoin president Wyoming’s blockchain initiative Back in December 2024, Wyoming sought blockchain developers for its government-backed stablecoin initiative, “Project WYST.” The Wyoming Stable Token Commission issued Requests for Qualification (RFQs) to attract blockchain developers for roles in token development, support, and other key areas. Stablecoins, which maintain a 1:1 dollar value, are essential in the $200 billion crypto market. Proposals for the project were due by December 12, with the stablecoin expected to launch on multiple blockchain networks. You might also like: Is Stellar’s XLM a cheaper XRP alternative to buy now?