A West Virginia lawmaker just lately launched a invoice that, if handed, would allow the state authorities to take a position as much as 10% of public funds into Bitcoin (BTC), stablecoins and/or valuable metals.
Senate Invoice 465 would greenlight the Board of Treasury Investments of West Virginia to put money into crypto property with market caps of greater than $750 billion averaged over the earlier calendar yr.
The one crypto that at present meets the market cap standards is BTC. The potential laws doesn’t embrace the identical market cap necessities for stablecoins, although dollar-pegged property would want to have applicable regulatory approval within the US. The invoice additionally would allow the Board of Treasury Investments to purchase silver, gold and platinum.
Any crypto bought by the state treasurer would must be straight held by way of a safe custody answer, on behalf of the state by a certified custodian or via an exchange-traded fund (ETF). The invoice would would additionally allow the state treasurer to stake crypto.
Chris Rose, a Republican state senator, launched the potential laws final week.
Lawmakers in different states have had related concepts.
Texas senators are assembly for a listening to on a crypto reserves invoice, and a “Strategic Bitcoin Reserve Act” has additionally been working its approach via the Arizona legislative course of. Lawmakers in Utah are additionally contemplating a parallel proposal.
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