Wyoming lawmakers have introduced House Bill 0201, aiming to invest up to 3% of state funds in Bitcoin, marking a significant milestone in public fund management.
Key Aspects of the Bill
If approved, the state treasurer could invest directly in Bitcoin through secure custody solutions and registered custodial products. The bill mandates strict custody protocols, including encrypted private key storage accessible only to the treasurer, and requires annual performance reports on Bitcoin holdings.
Support for Blockchain Initiatives
The bill aligns with Wyoming's broader embrace of blockchain and crypto technologies, reinforcing the state's reputation as a crypto-friendly area. In December 2024, Wyoming sought blockchain developers for its government-backed stablecoin initiative, 'Project WYST.'
Prospects and Significance
Should Wyoming become one of the first states to formalize Bitcoin investments for public funds, it underscores its leadership in adopting cryptocurrency technology.
The proposal to invest in Bitcoin highlights the growing importance of cryptocurrencies in the public sphere and may set new precedents for other states.
