Wyoming Representative Jacob Wasserburger introduced a bill called the “State Bitcoin Investment Funding Act” (HB0201), which seeks to establish a strategic bitcoin reserve in the state. The bill seeks to guarantee the financial future of the federal entity, while paving the way for broader adoption at the national level.
HB0201 proposes that a fraction of Wyoming state funds be allocated to purchasing bitcoin, thus diversifying the state’s investment portfolio. According to the document of the HB0201the treasurer of that jurisdiction can invest the general fund, permanent mineral trust fund, and permanent land fund in bitcoin, “provided that investments under this subsection do not exceed three percent (3%) of each fund.”
Under the proposed legislation, investments in bitcoin can be made through direct purchases or through investments in regulated bitcoin financial instruments issued by registered investment companies.
Additionally, they specify that the specialized hardware containing the private keys will be maintained in at least two data centers, A multi-party governance structure will be applied to authorize transactions, A disaster recovery protocol will be implemented to ensure access to funds and periodic audits will be carried out.
If at any time the total market value of investments in bitcoin under this section exceeds the percentage limits set forth in subsections (b) and (c) of this section due to market appreciation, the state treasurer will not be required to sell or otherwise reduce investments to comply with the limits of this section. The state treasurer will not make any additional deposits or investments in bitcoin until the percentage of bitcoin holdings is within the limits specified in this section. If the value of investments under this section is at or below the limits specified in this section, the state treasurer may resume investing funds in bitcoin pursuant to this section.
«Law on State Funds for Investment in Bitcoin» (HB0201)
This strategy not only seeks to take advantage of bitcoin’s long-term appreciation potential, but also promote the ideals of decentralization and economic resilience that the digital asset represents. Wyoming is already known for its cryptocurrency-friendly environment, thanks to laws like the Wyoming Special Purpose Depository Institution (SPDI) and a series of post-2018 regulations.
“With HB0201, we ensure that Wyoming maintains its legislative leadership in the crypto world, offering our citizens the benefits of a sound currency and financial sovereignty,” Wasserburger said in a comment to HB0201.
A national effort with high-level support
Wasserburger is not content with the state level; His vision is broader. The first-year lawmaker has shown his support for Senator Cynthia Lummis, who in July last year introduced a bill to adopt bitcoin in the US, and for President-elect Donald Trump in his effort to establish a strategic reserve of bitcoin for the entire country.
“We strongly support the efforts of Senator Lummis and President-elect Trump to bring the United States to the forefront of the digital economy,” Wasserburger said. “A strategic reserve of bitcoin not only ensures our financial stability, but also positions Wyoming and the United States as global leaders in the crypto era.”
This support underlines the growing acceptance of Bitcoin as a strategic asset on a geopolitical level. Proponents of this measure see bitcoin as a tool to combat inflation, protect against economic instability and strengthen the United States’ position in the new digital economic order.
The economic argument behind HB0201
At the core of HB0201 is a disruptive economic argument. Bitcoin, the “digital gold,” has proven to be an exponentially growing asset over the past decade.
Wyoming is about to take a historic step that could inspire other entities to reconsider their stance toward cryptocurrencies, marking a milestone in the economic history of the state and potentially the country.
However, this is not the only US state that has a similar vision. As CriptoNoticias already reported, at least 8 other jurisdictions have presented similar plans to include bitcoin in their respective treasuries.
By the way, Dennis Porter, co-founder and CEO of the Satoshi Action Fund, assured today as 15 other states prepare to adopt bitcoin as a reserve.