Just In: Wyoming Representative Introduces Legislation For A Strategic Bitcoin Reserve

In a latest development, Wyoming Representative Jacob Wasserburger has introduced legislation for a Strategic Bitcoin Reserve. The Wyoming lawmakers introduced “House Bill 0201” (HB0201), allowing the state treasurer to invest up to 3% of qualifying state funds, such as the general fund and permanent mineral trust fund, in Bitcoin.

Under the proposed legislation, investments can be made through direct purchases or regulated Bitcoin ETPs from registered investment companies.

Senator Lummis Praises The Bold Step

To ensure transparency and accountability, the state treasurer must submit annual reports detailing Bitcoin investments’ performance, custody arrangements, market values, and any payments received in Bitcoin. The bill also grants the treasurer the authority to create necessary implementing rules.

Notably, Senator Cynthia Lummis took to X to underscore that Wyoming took its first bold step toward a strategic Bitcoin reserve. She remarked that Rep. Wasserburger’s introduction of legislation to allow permanent funds to invest in Bitcoin is a forward-thinking move that will benefit the state’s lead in financial innovation.

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The Odds For Strategic Bitcoin Reserve

Wyoming is expanding its focus on blockchain and digital assets by exploring crypto investments for public funds. It joins six other states—Oklahoma, Texas, Ohio, Pennsylvania, New Hampshire, and North Dakota—in actively considering the establishment of strategic Bitcoin reserves. Notably, just recently, Oklahoma and California began working on pro-Bitcoin legislation, with the latter officially introducing the Strategic Bitcoin Reserve Act. Oklahoma State Representative Cody Maynard officially announced the introduction of the state’s Strategic Bitcoin Reserve Act this past Wednesday.

During his reelection campaign Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President became the first pro-crypto presidential candidate, advocating for the U.S. to become the crypto capital of the world. As more states propose pro-Bitcoin legislation, the cryptocurrency’s chances of becoming a national reserve currency grow stronger.