Wyoming and Massachusetts Advance Bitcoin Reserve Initiatives
Massachusetts and Wyoming formally introduced bills today to establish strategic Bitcoin reserves for their states. California state representatives have also begun the process of drafting a Bitcoin-focused bill.
As of January 2025, at least 15 states in the United States plan to use BTC as part of their asset reserves.
The U.S. Bitcoin Reserve Dream Is Realizing
Wyoming lawmakers, led by Rep. Jacob Wasserburger, have recommended House Bill 201 would allow states to invest up to 3% of their public funds in Bitcoin.
If approved, the legislation could include Wyoming’s state-managed assets, including Bitcoin, in its investment portfolio. By 2024, cumulative assets will reach nearly $30.8 billion.
This bill will Allow adding BTC General Fund, Permanent Mineral Trust Fund and Permanent Land Fund Portfolios.
The largest of these funds is the Wyoming Permanent Mineral Trust, which holds nearly $11.5 billion. Once approved, the state could allocate more than $300 million for Bitcoin investments.
The bill is co-sponsored by several representatives and has support from Wyoming Senator Cynthia Loomis.
“Wyoming has taken a bold first step toward a strategic reserve of Bitcoin! Thank you to Rep. Wasserburger for introducing legislation that would allow permanent funds to diversify into Bitcoin. This forward-thinking approach will benefit our state as we advance in the financial Leading the way in innovation.” Wrote Senator Loomis.
Meanwhile, Massachusetts Senator Peter Durant introduced Senate Docket 422 (SD422), titled “A Bill Relating to the Bitcoin Strategic Reserve.”
Additionally, the bill would allow the Massachusetts Treasurer to invest 10% of the Commonwealth Stabilization Fund’s annual deposits in Bitcoin or Other digital assets.
The fund holds more than $8 billion as of 2024, and under the proposal, the state could allocate up to $800 million to Bitcoin.
“The masses are on the crypto train right now, and Senator Peter Durant is pushing for a Bitcoin reserve bill to use part of the state’s emergency fund. The bill has a cap that would keep it at 10%. This move is not just It’s a massive bend; Texas and Oklahoma are already involved, and Trump is about to take it nationwide.” Wrote Mario Nawfal on X (formerly Twitter).
Unlike Wyoming’s bill, the Massachusetts legislation also allows for investments in other digital assets and includes provisions for lending those assets to generate additional returns.
Oklahoma, Texas and California join movement
As BeInCrypto reported earlier, Oklahoma and Texas are also improving Similar advice. In Texas, state Senator Charles Schwertner introduced legislation to designate Bitcoin as a reserve asset.
“It’s time for Texas to take the lead in establishing a Bitcoin strategic reserve. That’s why I filed SB 778, which if passed and signed into law, would make Texas the first state in the United States to establish a Bitcoin strategic reserve. currency strategic reserve.” Wrote on X (formerly Twitter).
California is taking a more exploratory approach. Councilman Phillip Chen’s office is appointment Nonprofit organization Workforce Proof helps draft Bitcoin-focused bills.
The group will provide education, community engagement and research to explore Bitcoin’s potential to support the nation’s infrastructure and financial resilience.
At least 15 states in the United States, Includes Ohio and PennsylvaniaBitcoin reserves are being considered as a hedge against dollar depreciation and economic uncertainty.
Globally, such as Japan, Switzerland and Russia are working on strategies Incorporate Bitcoin into their financial system. In Canada, Vancouver Has Approved Bitcoin For municipal reserves.
Additionally, a recent report from VanEck suggests that widespread adoption of Bitcoin reserves could Reduce U.S. national debt by 36% This year.
These developments highlight the growing influence of Bitcoin as a financial asset, with a growing number of states and countries exploring its potential to improve fiscal stability.
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