Wyoming 2025 Regular Session

Wyoming House Bill HB0201 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	2025
2	2	STATE OF WYOMING
3	3	25LSO-04881HB0201
4	4	HOUSE BILL NO. HB0201
5	5	State funds-investment in Bitcoin.
6	6	Sponsored by: Representative(s) Wasserburger, Brown, G,
7	7	Filer, Lucas and Singh and Senator(s) Smith,
8	8	D
9	9	A BILL
10	10	for
11	11	1 AN ACT relating to public funds; authorizing the investment
12	12	2 of state funds and permanent funds in Bitcoin; specifying
13	13	3 requirements for the investment in Bitcoin; requiring
14	14	4 rulemaking; requiring reports; providing definitions; and
15	15	5 providing for an effective date.
16	16	6
17	17	7
18	18	8
19	19	9. W.S. 9-4-722 is created to read:
20	20	10
21	21	11
22	22	12
23	23	13 (a) As used in this section:
24	24	14 2025STATE OF WYOMING25LSO-04882HB02011 (i) "Bitcoin" means the decentralized digital
25	25	2 currency launched in 2009, based on Satoshi Nakamoto's
26	26	3 paper titled Bitcoin: A Peer-to-Peer Electronic Cash
27	27	4 System. "Bitcoin" also includes the digital asset that is
28	28	5 the basis of the Bitcoin exchange-traded product that is
29	29	6 regulated by the United States securities and exchange
30	30	7 commission;
31	31	8
32	32	9 (ii) "Exchange-traded product" means any
33	33	10 financial instrument that:
34	34	11
35	35	12 (A) Is approved by the United States
36	36	13 securities and exchange commission, the federal commodity
37	37	14 futures trading commission or the division of banking;
38	38	15
39	39	16 (B) Is traded on an exchange regulated
40	40	17 under state or federal law; and
41	41	18
42	42	19 (C) Derives its value from an underlying
43	43	20 pool of assets, including stocks, bonds, commodities or
44	44	21 indexes.
45	45	22 2025STATE OF WYOMING25LSO-04883HB02011 (iii) "Private key" means as defined by W.S.
46	46	2 34-29-101(a)(v);
47	47	3
48	48	4 (iv) "Qualified custodian" means any special
49	49	5 purpose depository institution, a state chartered trust
50	50	6 company or a company regulated under state or federal law
51	51	7 that custodies digital assets for an approved
52	52	8 exchange-traded product;
53	53	9
54	54	10 (v) "Secure custody solution" means a
55	55	11 technological product or blended product or service that
56	56	12 has all of the following:
57	57	13
58	58	14 (A) The cryptographic private keys that
59	59	15 secure digital assets are:
60	60	16
61	61	17 (I) Exclusively known and accessible
62	62	18 by the state treasurer;
63	63	19
64	64	20 (II) Exclusively contained within an
65	65	21 encrypted environment and accessible only through
66	66	22 end-to-end encrypted channels;
67	67	23 2025STATE OF WYOMING25LSO-04884HB02011 (III) Never contained by, accessible
68	68	2 by or controllable with a mobile or cellular phone.
69	69	3
70	70	4 (B) Any hardware that contains the
71	71	5 cryptographic private keys that secure digital assets is
72	72	6 maintained in at least two (2) geographically diversified
73	73	7 and specially designated secure data centers;
74	74	8
75	75	9 (C) A multi-party governance structure is
76	76	10 enforced for authorizing transactions and for user access
77	77	11 and all user-initiated actions are logged;
78	78	12
79	79	13 (D) The implementation of a disaster
80	80	14 recovery protocol that ensures customer access to assets if
81	81	15 the provider becomes unavailable;
82	82	16
83	83	17 (E) The completion of regular code audits
84	84	18 and penetration testing from audit firms and the
85	85	19 remediation of any identified vulnerabilities.
86	86	20
87	87	21 (b) The state treasurer may invest the following
88	88	22 funds in Bitcoin:
89	89	23 2025STATE OF WYOMING25LSO-04885HB02011 (i) The general fund, provided that no more than
90	90	2 three percent (3%) of the general fund shall be invested in
91	91	3 Bitcoin at any one (1) time;
92	92	4
93	93	5 (ii) The permanent Wyoming mineral trust fund,
94	94	6 subject to subsection (c) of this section;
95	95	7
96	96	8 (iii) The permanent land fund, subject to
97	97	9 subsection (c) of this section.
98	98	10
99	99	11 (c) The state treasurer may invest the permanent
100	100	12 Wyoming mineral trust fund and the permanent land fund in
101	101	13 Bitcoin, provided that investments under this subsection
102	102	14 shall not exceed three percent (3%) of each fund.
103	103	15
104	104	16 (d) The state treasurer shall acquire and hold
105	105	17 Bitcoin invested under this section using one (1) or more
106	106	18 of the following methods:
107	107	19
108	108	20 (i) Directly by the state treasurer through the
109	109	21 use of a secure custody solution;
110	110	22
111	111	23 (ii) Through a qualified custodian; 2025STATE OF WYOMING25LSO-04886HB02011
112	112	2 (iii) Through ownership or holding of an
113	113	3 exchange-traded product issued by an investment company or
114	114	4 manager registered under the federal Investment Advisor's
115	115	5 Act of 1940, as amended.
116	116	6
117	117	7 (e) If at any time the total market value of
118	118	8 investments in Bitcoin under this section exceeds the
119	119	9 percentage limits established in subsections (b) and (c) of
120	120	10 this section due to market appreciation, the state
121	121	11 treasurer shall not be required to sell or otherwise reduce
122	122	12 the investments to comply with the limits of this section.
123	123	13 The state treasurer shall not make any additional deposits
124	124	14 or investments in Bitcoin until the percentage of Bitcoin
125	125	15 holdings is within the limits specified in this section.
126	126	16 If the value of investments under this section are at or
127	127	17 fall below the limits specified in this section, the state
128	128	18 treasurer may resume the investment of funds in Bitcoin in
129	129	19 accordance with this section.
130	130	20
131	131	21 (f) The state treasurer shall promulgate all rules
132	132	22 necessary to implement this act.
133	133	23 2025STATE OF WYOMING25LSO-04887HB02011 (g) Not later than October 1 of each year, the state
134	134	2 treasurer shall report to the joint appropriations
135	135	3 committee and the select committee on capital financing and
136	136	4 investments on:
137	137	5
138	138	6 (i) The amount and performance of investments in
139	139	7 Bitcoin under this section;
140	140	8
141	141	9 (ii) The custody and security arrangements taken
142	142	10 for investments made under this section, including actions
143	143	11 taken to comply with secure custody requirements;
144	144	12
145	145	13 (iii) The cost basis and current market value of
146	146	14 the Bitcoin held under this section;
147	147	15
148	148	16 (iv) The amount of payments received by the
149	149	17 state in Bitcoin and the amounts of Bitcoin converted and
150	150	18 reimbursed under this section.
151	151	19
152	152	20W.S. 9-4-714(a)(viii) is amended to read:
153	153	21
154	154	22
155	155	23 2025STATE OF WYOMING25LSO-04888HB02011 (a) As used in this act:
156	156	2
157	157	3 (viii) "This act" means W.S. 9-4-714 through
158	158	49-4-722
159	159	5
160	160	6. The state treasurer shall promulgate all
161	161	7 rules necessary to implement this act.
162	162	8
163	163	9This act is effective immediately upon
164	164	10 completion of all acts necessary for a bill to become law
165	165	11 as provided by Article 4, Section 8 of the Wyoming
166	166	12 Constitution.
167	167	13
168	168	14 (END)