State Investments in Bitcoin: Wyoming and Massachusetts Lead the Way
Wyoming’s Bitcoin Investment Bill
- Representative Jacob Wasserburger introduced House Bill 201, proposing up to 3% of public funds to be allocated to Bitcoin investments.
- If enacted, this legislation would allow the Wyoming State Treasurer to include Bitcoin in various state funds.
- The potential Bitcoin investments could exceed $300 million under the proposed guidelines.
Support for the Bill
- Wyoming Senator Cynthia Lummis commended Wasserburger for taking a bold step towards a strategic Bitcoin reserve.
- Other representatives, including Ann Lucas, Gary Brown, Lee Filer, Daniel Singh, and Darin Smith, co-sponsored the bill.
Massachusetts’ Bitcoin Strategic Reserve Bill
- Senator Peter Durant introduced Senate Docket 422, allowing the Massachusetts State Treasurer to invest in Bitcoin.
- The bill also includes provisions for investments in other digital assets, with no specified prerequisites.
- Up to 10% of annual deposits in the Commonwealth Stabilization Fund could be allocated to Bitcoin or other digital assets.
Investment Methods
- Both bills outline stringent security measures for managing Bitcoin investments.
- Proposals include secure custody of digital assets, regulated trust companies, disaster recovery protocols, and regular security audits.
Expansion to Other States
- Wyoming and Massachusetts join eight states introducing Bitcoin-related legislation since December 2024.
- Plans for state investments in Bitcoin have also been proposed in Pennsylvania, Texas, Ohio, New Hampshire, and North Dakota.
- Legislative efforts are supported by Dennis Porter, with up to 15 states expected to work on Bitcoin strategic reserves in 2025.
Mentioned in this article:
- Senator Cynthia Lummis’ Tweet
- Massachusetts State Fund Information
- Dennis Porter’s Confirmation Tweet