KEY FACTS: Wyoming State has introduced a bill to establish a Strategic Bitcoin Reserve, allowing the state treasurer to invest up to 3% of state funds, including the general fund and permanent land fund, into Bitcoin. Championed by Representative Jacob Wasserburger and supported by cryptocurrency advocate Senator Cynthia Lummis, the bill positions Wyoming as a leader in financial innovation. This move by Wyoming adds to national trends, as several states and federal entities explore integrating Bitcoin into financial strategies, including Senator Lummis’s federal Bitcoin Strategic Reserve proposal.
Source: Wyoming
Wyoming Proposes Bill for Strategic Bitcoin Reserve
Wyoming has taken a step toward integrating Bitcoin into its financial framework by introducing a bill aimed at establishing a Strategic Bitcoin Reserve. This initiative makes Wyoming the latest in the the United States of America exploring the incorporation of digital assets into their investment portfolios, ahead of Donald Trump’s presidential inauguration on Jan. 20.
The proposed legislation, titled "State Funds-investment in Bitcoin," was introduced by Wyoming Representative Jacob Wasserburger. If enacted, it would permit the state treasurer to allocate a portion of Wyoming's general fund, the permanent Wyoming mineral trust fund, and the permanent land fund into Bitcoin investments. Notably, the bill stipulates that no more than 3% of each fund's total value can be invested in Bitcoin. Furthermore, should the value of Bitcoin holdings exceed this threshold due to market appreciation, the treasurer is not mandated to liquidate assets to maintain the 3% cap.
Senator Cynthia Lummis, a prominent advocate for cryptocurrency and blockchain technology, has expressed strong support for the bill. In a statement on the social media platform X, she commended Representative Wasserburger's efforts, stating,
Wyoming took its first bold step toward a strategic bitcoin reserve! Thank you Rep. Wasserburger for introducing legislation to allow permanent funds to diversify into Bitcoin. This forward-thinking approach will benefit our state as we lead the nation in financial innovation!
Source
Senator Lummis herself has been instrumental in promoting Bitcoin at the federal level, having introduced the Bitcoin Strategic Reserve bill to the U.S. Senate in July 2024.
Wyoming's legislative effort is part of a pattern of U.S. states considering the adoption of Bitcoin reserves. States such as Pennsylvania, Texas, Ohio, New Hampshire, Oklahoma, North Dakota, and Massachusetts have all proposed similar bills to establish Strategic Bitcoin Reserves. This collective momentum reflects a growing recognition of Bitcoin's potential as a strategic asset within state investment portfolios.
At the federal level, discussions about a national Bitcoin reserve have intensified. Senator Lummis's introduction of the Bitcoin Strategic Reserve bill in the U.S. Senate aims to position the United States as a leader in the adoption and secure management of Bitcoin. The bill proposes the creation of a decentralized network of secure Bitcoin vaults managed by the U.S. Treasury, with a goal of accumulating up to 1 million Bitcoin over time, representing approximately 5% of the total Bitcoin supply. This initiative is designed to bolster the nation's financial reserves with a decentralized, scarce asset, providing an alternative to traditional financial instruments.
There are political implications to the bill too. The introduction of Wyoming's bill comes just days before President-elect Donald Trump's inauguration on January 20. During his campaign, Trump expressed interest in establishing a strategic national Bitcoin stockpile, suggesting that the U.S. government should retain any Bitcoin acquired through seizures or other means. This perspective aligns with the legislative efforts at both state and federal levels, indicating a potential shift in national policy toward the inclusion of digital assets in government reserves.
Wyoming's proposed bill to create a Strategic Bitcoin Reserve is a proactive approach to financial innovation and diversification. Wyoming aims to enhance its financial resilience and position itself at the forefront of the evolving digital economy by integrating Bitcoin into its investment strategy. As more states and federal entities explore similar initiatives, the role of Bitcoin in public financial management is poised to become an increasingly prominent topic in policy discussions nationwide.
Other Information Sources:
If you found the article interesting or helpful, please hit the upvote button, and share for visibility to other hive friends to see. More importantly, drop a comment below. Thank you!
This post was created via INLEO, What is INLEO?
INLEO's mission is to build a sustainable creator economy that is centered around digital ownership, tokenization, and communities. It's Built on Hive, with linkages to BSC, ETH, and Polygon blockchains. The flagship application: Inleo.io allows users and creators to engage & share micro and long-form content on the Hive blockchain while earning cryptocurrency rewards.
Let's Connect
Hive: inleo.io/profile/uyobong/blog
Twitter: https://twitter.com/Uyobong3
Discord: uyobong#5966
Posted Using INLEO
This is very encouraging news out of Wyoming! It's exciting to see states like Wyoming taking proactive steps to integrate Bitcoin into their financial strategies. Senator Lummis has been a true champion for Bitcoin, and her efforts are clearly having a ripple effect across the country. Establishing a strategic Bitcoin reserve at both the state and federal level could have profound implications for the US economy, potentially mitigating risks associated with traditional financial systems and positioning the nation at the forefront of the global digital asset landscape. Let’s the States race begin.