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Lawmakers from Wyoming and Massachusetts are the latest to propose bills authorizing state investments in Bitcoin (BTC). This move brings the total number of US states considering such propositions to eight.
In Wyoming, House Bill 201, aptly titled “State Funds-Investment in Bitcoin,” was introduced by Representative Jacob Wasserburger. The bill proposes the allocation of up to 3% of the state’s public funds to investments in Bitcoin. If enacted, Bitcoin would join the list of assets managed by the Wyoming State Treasurer for the state’s general fund, permanent mineral trust fund, and permanent land fund.
The potential impact of the legislation is substantial. As of November 30, 2024, Wyoming managed $30.8 billion in assets, according to the State Treasurer’s latest investment report. The largest trust, the Permanent Wyoming Mineral Trust Fund, holds close to $11.5 billion. Under the proposed guidelines, potential Bitcoin investments could exceed $300 million.
The bill has the support of Representatives Ann Lucas, Gary Brown, Lee Filer, Daniel Singh, and Darin Smith, who co-sponsored the proposal alongside Wasserburger. Wyoming Senator Cynthia Lummis congratulated Wasserburger on introducing the bill, stating that Wyoming “took its first bold step toward a strategic Bitcoin reserve.” She further emphasized the state’s leading position in financial innovation.
Meanwhile, in Massachusetts, Senator Peter Durant introduced Senate Docket 422 (SD422), titled “An Act Relative to a Bitcoin Strategic Reserve.” This bill seeks to authorize the Massachusetts State Treasurer to invest a portion of the state’s public funds in Bitcoin. Unlike the Wyoming proposal, SD422 also includes provisions for investments in other digital assets, although the prerequisites for such investments are not specified.
The bill proposes investing up to 10% of the annual deposits in the Commonwealth Stabilization Fund into Bitcoin or other digital assets. The fund had over $8 billion in assets as of September 19, potentially allowing for an $800 million allocation in BTC.
Both the Wyoming and Massachusetts bills outline strict security measures for managing Bitcoin investments. These include secure custody of digital assets, cryptographic private keys controlled exclusively by the state, encrypted storage environments, and geographically diversified secure data centers. Investments through regulated trust companies or approved exchange-traded products are also permitted, assuming they meet federal or state regulatory standards.
Wyoming and Massachusetts join Pennsylvania, Texas, Ohio, New Hampshire, and North Dakota in considering state investments in Bitcoin. Dennis Porter, co-founder and CEO of the Satoshi Action Fund, has been providing aid to similar legislative efforts in various US states. Initially, he predicted that 12 states would introduce Bitcoin strategic reserve legislation this year. However, he recently revised this figure, suggesting that up to 15 states could consider such a strategy in 2025.
