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25LSO-0488
2025
STATE OF WYOMING
25LSO-0488
Introduced
2.0
HOUSE BILL NO. HB0201
State funds-investment in Bitcoin.
Sponsored by: Representative(s) Wasserburger, Brown, G, Filer, Lucas and Singh and Senator(s) Smith, D
A BILL
for
AN ACT relating to public funds; authorizing the investment of state funds and permanent funds in Bitcoin; specifying requirements for the investment in Bitcoin; requiring rulemaking; requiring reports; providing definitions; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 9
‑
4
‑
722 is created to read:
9
‑
4
‑
722.
Investment of state funds in Bitcoin.
(a)
As used in this section:
(i)
"Bitcoin" means the decentralized digital currency launched in 2009, based on Satoshi Nakamoto's paper titled
Bitcoin: A Peer
‑
to
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Peer Electronic Cash System
. "Bitcoin" also includes the digital asset that is the basis of the Bitcoin exchange
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traded product that is regulated by the United States securities and exchange commission;
(ii)
"Exchange
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traded product" means any financial instrument that:
(A)
Is approved by the United States securities and exchange commission, the federal commodity futures trading commission or the division of banking;
(B)
Is traded on an exchange regulated under state or federal law; and
(C)
Derives its value from an underlying pool of assets, including stocks, bonds, commodities or indexes.
(iii)
"Private key" means as defined by W.S. 34
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29
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101(a)(v);
(iv)
"Qualified custodian" means any special purpose depository institution, a state chartered trust company or a company regulated under state or federal law that custodies digital assets for an approved exchange
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traded product;
(v)
"Secure custody solution" means a technological product or blended product or service that has all of the following:
(A)
The cryptographic private keys that secure digital assets are:
(I)
Exclusively known and accessible by the state treasurer;
(II)
Exclusively contained within an encrypted environment and accessible only through end
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to
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end encrypted channels;
(III)
Never contained by, accessible by or controllable with a mobile or cellular phone.
(B)
Any hardware that contains the cryptographic private keys that secure digital assets is maintained in at least two (2) geographically diversified and specially designated secure data centers;
(C)
A multi
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party governance structure is enforced for authorizing transactions and for user access and all user
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initiated actions are logged;
(D)
The implementation of a disaster recovery protocol that ensures customer access to assets if the provider becomes unavailable;
(E)
The completion of regular code audits and penetration testing from audit firms and the remediation of any identified vulnerabilities.
(b)
The state treasurer may invest the following funds in Bitcoin:
(i)
The general fund, provided that no more than three percent (3%) of the general fund shall be invested in Bitcoin at any one (1) time;
(ii)
The permanent Wyoming mineral trust fund, subject to subsection (c) of this section;
(iii)
The permanent land fund, subject to subsection (c) of this section.
(c)
The state treasurer may invest the permanent Wyoming mineral trust fund and the permanent land fund in Bitcoin, provided that investments under this subsection shall not exceed three percent (3%) of each fund.
(d)
The state treasurer shall acquire and hold Bitcoin invested under this section using one (1) or more of the following methods:
(i)
Directly by the state treasurer through the use of a secure custody solution;
(ii)
Through a qualified custodian;
(iii)
Through ownership or holding of an exchange
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traded product issued by an investment company or manager registered under the federal Investment Advisor's Act of 1940, as amended.
(e)
If at any time the total market value of investments in Bitcoin under this section exceeds the percentage limits established in subsections (b) and (c) of this section due to market appreciation, the state treasurer shall not be required to sell or otherwise reduce the investments to comply with the limits of this section. The state treasurer shall 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 are at or fall below the limits specified in this section, the state treasurer may resume the investment of funds in Bitcoin in accordance with this section.
(f)
The state treasurer shall promulgate all rules necessary to implement this act.
(g)
Not later than October 1 of each year, the state treasurer shall report to the joint appropriations committee and the select committee on capital financing and investments on:
(i)
The amount and performance of investments in Bitcoin under this section;
(ii)
The custody and security arrangements taken for investments made under this section, including actions taken to comply with secure custody requirements;
(iii)
The cost basis and current market value of the Bitcoin held under this section;
(iv)
The amount of payments received by the state in Bitcoin and the amounts of Bitcoin converted and reimbursed under this section.
Section 2.
W.S. 9
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4
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714(a)(viii) is amended to read:
9
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4
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714.
Definitions.
(a)
As used in this act:
(viii)
"This act" means W.S. 9
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4
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714 through
9
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4
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721
9
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4
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722
.
Section 3
.
The state treasurer shall promulgate all rules necessary to implement this act.
Section 4.
This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.
(END)
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HB0201