Wyoming lawmakers have introduced House Bill 0201, proposing the allocation of up to 3% of the state’s funds for Bitcoin investments. This groundbreaking initiative would apply to key reserves, including the general fund and the permanent mineral trust fund, potentially marking a significant shift in public fund management practices.
If enacted, the state treasurer would be authorized to invest in Bitcoin through secure custody solutions. These could include registered custodians, exchange-traded products, or other approved methods. The bill emphasizes stringent security protocols, requiring encrypted private key storage accessible exclusively to the treasurer. Additionally, annual reports detailing Bitcoin holdings, market valuations, and custody arrangements would ensure transparency and accountability.
This proposal is in line with Wyoming’s progressive stance on blockchain and cryptocurrency technologies, further solidifying its reputation as a crypto-friendly hub. If passed, Wyoming could become one of the first states to formalize Bitcoin investments within its public fund framework, setting a precedent for other jurisdictions exploring similar opportunities.
Wyoming’s Blockchain Initiative: Project WYST
In a related move, Wyoming is advancing its government-backed stablecoin initiative, “Project WYST.” Launched in December 2024, the project aims to develop a state-issued stablecoin pegged 1:1 to the U.S. dollar.
To accelerate this initiative, the Wyoming Stable Token Commission invited blockchain developers to participate by issuing Requests for Qualification (RFQs). These RFQs targeted talent in token development, technical support, and other critical areas. Proposals were due by December 12, 2024, with the stablecoin planned for deployment on multiple blockchain networks.
Stablecoins play a pivotal role in the crypto ecosystem, which is valued at over $200 billion, by providing a stable asset for transactions and investments. Wyoming’s active involvement in this space demonstrates its commitment to leveraging blockchain technology for public benefit, further bolstering its position as a leader in digital innovation.
