West Virginia Proposes Legislation for 10% Treasury Investment in Precious Metals and Digital Assets
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Legislative Proposal: West Virginia State Senator Chris Rose has introduced a bill allowing the state treasury to invest up to 10% in precious metals, digital assets with a market cap exceeding $750 billion, and stablecoins, aiming to diversify the treasury's investment portfolio.
- Digital Asset Requirements: The bill stipulates that any digital assets must be held by a qualified custodian, and stablecoins must receive regulatory approval from the US or state governments, ensuring the safety and compliance of the investments.
- Market Trends: While several states have proposed similar bills, only Texas, Arizona, and New Hampshire have passed laws permitting state-level crypto reserves, indicating West Virginia's forward-looking approach in this area.
- Legislative Process: Rose's bill has been referred to the Committee on Banking and Insurance, and while it remains uncertain if it will garner enough support to pass, its introduction is closely tied to the US Senate's postponement of the digital asset market structure bill.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
