PANews reported on January 16 that, according to Cointelegraph, West Virginia Senator Chris Rose submitted a bill to the state legislature on Wednesday proposingPANews reported on January 16 that, according to Cointelegraph, West Virginia Senator Chris Rose submitted a bill to the state legislature on Wednesday proposing
A bill by West Virginia lawmakers allowing the state treasury to invest in cryptocurrencies has been submitted to the legislature for consideration.
PANews reported on January 16 that, according to Cointelegraph, West Virginia Senator Chris Rose submitted a bill to the state legislature on Wednesday proposing to amend the state code to allow the state finance commission to invest up to 10% of its funds in precious metals, certain digital assets, and stablecoins.
Under the proposed "Inflation Protection Act," state treasuries could invest in precious metals, digital assets with a market capitalization exceeding $750 billion in the previous year (currently only Bitcoin qualifies), and stablecoins that have received regulatory approval from the U.S. or state governments. The bill stipulates that purchased digital assets can be held by qualified custodians or managed through exchange-traded products and secure custody solutions. If passed, West Virginia would become the fourth state, after Texas, Arizona, and New Hampshire, to allow state-level holding of crypto assets. The bill is currently under review by the Banking and Insurance Commission.
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