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West Virginia State Senator Submits Bill Allowing State Treasury to Invest in Cryptocurrency
Summary: According to reports, West Virginia State Senator Chris Rose submitted a bill to the state legislature on Wednesday proposing amendments to the state code to allow the state treasury to invest up to 10% of funds in precious metals, specific digital assets, and stablecoins. Under the proposal named the 'Inflation Protection Act,' the state treasury ...
According to reports, West Virginia State Senator Chris Rose submitted a bill to the state legislature on Wednesday proposing amendments to the state code to allow the state treasury to invest up to 10% of funds in precious metals, specific digital assets, and stablecoins. Under the proposal named the 'Inflation Protection Act,' the state treasury can invest in precious metals, digital assets with a market cap exceeding $750 billion in the previous year (currently only Bitcoin qualifies by this standard), and stablecoins approved by the US or state government regulators. The bill stipulates that the purchased digital assets can be held by qualified custodians or managed through exchange-traded products and secure custody solutions. If passed, West Virginia will become another jurisdiction, following Texas, Arizona, and New Hampshire, allowing state-level holdings of crypto assets. The bill is currently under review by the Banking and Insurance Committee.
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Link: West Virginia State Senator Submits Bill Allowing State Treasury to Invest in Cryptocurrency [Copy]
