Wyoming and Massachusetts are now among the growing number of U.S. States that could vote soon on the establishment of Bitcoin reserves. Representatives from both states submitted draft legislation in support on Friday.
Wyoming: Five Republican state legislators have submitted legislation to the Wyoming legislature. The bill was a The state treasurer would be allowed to invest funds from the public budget in Bitcoins, but not any other digital assets.
In recent weeks, other states have put forth slightly more permissive bills, which would in some cases allow states to invest in stablecoins and other cryptocurrencies that surpassed $500 billion in market capitalization—though as of this writing, Bitcoin is the only asset that meets that requirement.
Wyoming’s bill would also be more restrictive on another front: only 3% of the state funds could be invested in Bitcoin by its Treasurer. Other states have proposed legislation, including Pennsylvania You can also find out more about the following: OklahomaInvestments in digital assets would make up 10 percent of comparable public funds.
While in Massachusetts’ deep blue, one Republican senator made a proposal to a The bill was a On Friday, the proposal was made to establish a Bitcoin Strategic Reserve. Peter Durant submitted the act. The Massachusetts rainy day fund could be up to 10 percent Bitcoin.
Nearly all of the remaining. one-fifth Soon, all state legislators will be deciding whether they want to invest in Bitcoin or other cryptocurrencies. All of these proposals were submitted by Republicans in the wake of Donald Trump’s November reelection.
We are excited to begin work on the legislation. https://t.co/zT6W3JeGZh
— State Senator Peter Durant (@senpeterdurant) January 17, 2025
Trump has suddenly changed his mind about cryptography. Change tack On the campaign trail in this year, after previously being a notable Bitcoin critic. On July 23, he asked the government to create its own cryptocurrency at a Bitcoin Conference in Nashville. Bitcoin Stockpile.
This chorus is gaining rapid momentum. Coinbase CEO Brian Armstrong made a public call for a U.S. Bitcoin reserve on Friday.
“The next global arms race will be in the digital economy, not space,” Armstrong in a firm blog post. “Bitcoin could be as foundational to the global economy as gold and will become central to national security in a world where holdings of Bitcoin can shift the balance of power among nation states.”
Andrew Hayward is the editor