In a latest development, Wyoming Representative Jacob Wasserburger has introduced legislation for a Strategic Bitcoin Reserve. The Wyoming lawmakers introduced “House Bill 0201” (HB0201), allowing the state treasurer to invest up to 3% of qualifying state funds, such as the general fund and permanent mineral trust fund, in Bitcoin.
Under the proposed legislation, investments can be made through direct purchases or regulated Bitcoin ETPs from registered investment companies.
Senator Lummis Praises The Bold Step
To ensure transparency and accountability, the state treasurer must submit annual reports detailing Bitcoin investments’ performance, custody arrangements, market values, and any payments received in Bitcoin. The bill also grants the treasurer the authority to create necessary implementing rules.
Notably, Senator Cynthia Lummis took to X to underscore that Wyoming took its first bold step toward a strategic Bitcoin reserve. She remarked that Rep. Wasserburger’s introduction of legislation to allow permanent funds to invest in Bitcoin is a forward-thinking move that will benefit the state’s lead in financial innovation.
The Odds For Strategic Bitcoin Reserve
Wyoming is expanding its focus on blockchain and digital assets by exploring crypto investments for public funds. It joins six other states—Oklahoma, Texas, Ohio, Pennsylvania, New Hampshire, and North Dakota—in actively considering the establishment of strategic Bitcoin reserves. Notably, just recently, Oklahoma and California began working on pro-Bitcoin legislation, with the latter officially introducing the Strategic Bitcoin Reserve Act. Oklahoma State Representative Cody Maynard officially announced the introduction of the state’s Strategic Bitcoin Reserve Act this past Wednesday.
During his reelection campaign, Donald Trump became the first pro-crypto presidential candidate, advocating for the U.S. to become the crypto capital of the world. As more states propose pro-Bitcoin legislation, the cryptocurrency’s chances of becoming a national reserve currency grow stronger.
