Southern Carolina representative Jordan Pace reunited the new law proposal called Bill H.4256 in the State Assembly. The proposal aims to allow the state’s Treasury manager to invest up to 10 %of the state funds in crypto assets.
Crypto Reserve Offer
The proposed law was designed to enable a certain percentage of the state -mans to be transferred to crypto beings. Within the scope of the law, the system, which will be called strategic crypto asset reserves, is expected to include at least one million crypto assets.
In the text of the law, the reason for the existing economic conditions and inflation to erode the purchasing power of state funds. In this context, it is stated that a buffer can be created against inflation with the unique features provided by crypto assets.
Audit and Reporting Processes
The Treasury Manager will be able to develop the necessary policies to use cold wallet storage methods or cooperate with third -party service providers in order to ensure the safety of the reserved crypto assets. Thus, it is planned to implement various measures for the protection and safety of assets.
The law also foresees the Treasury Manager to provide a detailed report that includes the total value of crypto assets every two years, including transactions and expenditures. This report will be published on the official website and will be presented in the form of “reserve evidence ında for citizens to conduct independent audit.
Within the scope of the project, the compliance of the reserves created by local, state and federal legislation and measures taken against cyber attacks will be subjected to independent audits every year. It is foreseen that a 90 -day correction process will be applied for the deficiencies determined after the audit report.
Detailed arrangements of the application, security protocols to be selected and external audit mechanisms are considered important for both the sustainability of investment and the effective use of public resources. In this context, it can be stated that the law proposal is a measure against economic fluctuations and that users aim to create a controlled environment within the jurisdiction.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
