Key Takeaways:
- Pennsylvania’s proposed bill would allow the state treasury to allocate up to 10% of its funds in Bitcoin, potentially channeling billions into the cryptocurrency.
- The bill’s sponsor, Representative Mike Cabell, highlights Bitcoin as a hedge against inflation, aligning with the strategies of firms like BlackRock and Fidelity.
- Pennsylvania has recently passed another law (HB 2481) to establish regulatory frameworks for crypto, underscoring its increasing focus on digital assets.
A proposed Pennsylvania bill (HB 2664) seeks to allow the state treasury to invest up to 10% of its funds in Bitcoin, potentially creating a multibillion-dollar cryptocurrency reserve.
Introduced by Representative Mike Cabell on November 13, the bill aims to leverage Bitcoin as a hedge against inflation and financial instability, reflecting a growing trend where institutions turn to cryptocurrency for diversification amid economic uncertainty.
🚨SCOOP: Today the Pennsylvania House of Representatives introduced legislation that would enable the state to hold Bitcoin on its balance sheet as a reserve asset in a broader movement to recognize $BTC as a store of value.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024
Full write-up on @FoxBusiness coming shortly.
Cabell cited investment firms like BlackRock and Fidelity, which have adopted similar Bitcoin strategies, as influences for this proposal.
The bill has gained support from co-sponsor Representative Aaron Kaufer.
This legislative initiative aligns with Pennsylvania’s broader efforts to regulate and integrate cryptocurrency within its financial systems.
Recently, the state passed HB 2481, establishing a regulatory framework for self-custody and crypto payments, marking another significant step in digital asset governance.
🚨BREAKING: US State of Pennsylvania introduces legislation to create a strategic #bitcoin reserve🔥
— Blockware (@BlockwareTeam) November 14, 2024
It's fitting that the state where American Freedom began is the first to adopt freedom money 🇺🇸🔔
source: @Dennis_Porter_ pic.twitter.com/4M3eRLXvDm
Both bills reflect Pennsylvania’s commitment to incorporating digital assets within its financial infrastructure, a movement shaped partly by advocacy groups like the Satoshi Action Fund.
If successful, this legislation could position Pennsylvania as a pioneering state in crypto asset management within the public sector, potentially setting a precedent for other states exploring digital asset strategies.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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