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Wyoming becomes the latest state to propose bill for Strategic Bitcoin Reserve before Donald Trump’s presidential oath.
Before Donald Trump’s presidential inauguration on January 20th, Wyoming became the latest state to propose a bill for the creation of a Strategic Bitcoin Reserve, following the footsteps of many other states across the country.
“Wyoming took its first bold step toward a strategic Bitcoin reserve,” wrote Wyoming Senator Cynthia Lummis in a post on the X platform on January 17th. Following the post, the bill titled “State Funds – Investment in Bitcoin” was introduced. If passed, the bill will allow some of Wyoming’s state funds to be invested in Bitcoin.
Lummis Praised Wyoming Representative for Bitcoin Move
A strong advocate for Bitcoin, Lummis, who introduced the Bitcoin Strategic Reserve bill to the U.S. Senate in July 2024, praised Wyoming Representative Jacob Wasserburger for introducing the bill that “would allow permanent funds to be diversified into Bitcoin.”
Lummis: “This forward-thinking approach will benefit our state while leading the nation in financial innovation,” she said.
The bill allows the state treasury’s general fund, the permanent Wyoming mineral trust fund, and the permanent land fund to invest in Bitcoin; however, it specifies that no more than 3% of each fund should be allocated to Bitcoin.
Furthermore, if Bitcoin investments in any fund exceed 3% of the total market value, the bill states that the state treasury “will not be required to sell or otherwise reduce investments to comply with this limit.”
U.S. States Pushing Bitcoin Adoption Forward
So far, Pennsylvania, Texas, Ohio, New Hampshire, Oklahoma, North Dakota, and Massachusetts have introduced the Strategic Bitcoin Reserve bill.
This development comes as the possibility of establishing a strategic Bitcoin reserve after Trump’s inauguration on January 20th has gained momentum, with betting markets Kalshi and Polymarket seeing rising odds. Additionally, it was reported that Lummis sent a letter to the U.S. Marshals Service on January 15th, addressing the possibility of selling the 69,370 Bitcoin seized by the government from Silk Road assets.
Lummis described the U.S. government’s efforts to sell Bitcoin reserves as a form of political animus.
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