West Virginia Lawmaker Introduces Bill to Allow State Crypto Investments
A West Virginia state senator introduced a bill allowing the state treasury to invest up to 10% in precious metals, stablecoins, and large-cap digital assets.Summary
West Virginia State Senator Chris Rose proposed the Inflation Protection Act, which would permit the state's Board of Treasury to invest up to 10% of its holdings in precious metals, stablecoins, and digital assets meeting a market capitalization threshold of over $750 billion from the previous calendar year. As of January, only Bitcoin (BTC) would qualify under this market cap requirement. The bill specifies that acquired digital assets must be held by a qualified custodian, through an exchange-traded product, or via a secure custody solution, while stablecoins must have regulatory approval from the US government or state governments. The legislation was referred to the Committee on Banking and Insurance, and it is currently uncertain if it will gain sufficient support to pass. This proposal follows similar legislative efforts in other US states, though only Texas, Arizona, and New Hampshire have passed laws allowing state-level crypto reserves.
(Source：Cointelegraph)