Key Points:

• Wyoming and Massachusetts have introduced bills to establish state-level Strategic Bitcoin Reserve.
• Wyoming’s House Bill 201 would enable investments through direct Bitcoin purchases or regulated exchange-traded products.

Lawmakers in both Massachusetts and Wyoming have moved to introduce landmark bills aimed at establishing a Strategic Bitcoin Reserve at the state level.

Read more: Strategic Bitcoin Reserves Are Now Being Actively Supported by US States 

Wyoming and Massachusetts Introduce Bills to Form Strategic Bitcoin Reserve

The legislation, spearheaded by Wyoming’s Representative Jacob Wasserburger, known as House Bill 201, would let the state invest up to 3% of its public funds into Bitcoin.

The bill, if signed into law, could add cryptocurrency to Wyoming’s portfolio, currently valued at $30.8 billion in 2024. According to the bill, investments can be made through direct purchases or via regulated Bitcoin ETPs from registered investment companies.

Senator Cynthia Lummis, a keen cryptocurrency advocate, celebrated the development as a progressive move toward sealing Wyoming’s position as a leader in financial innovation.

Massachusetts and Other States Warming Up to Digital Asset Integration

The State of Massachusetts has also jumped onto the bandwagon, as Senator Peter Durant introduced Senate Docket 422, entitled “An Act Relative to a Strategic Bitcoin Reserve.”

The bill, in its provisions, aims to allow the Massachusetts State Treasurer to invest up to 10% of annual deposits in the Commonwealth Stabilization Fund into Bitcoin or other virtual currencies. Besides these, California has started the process of drafting its own Bitcoin-related legislation today.