2025
STATE OF WYOMING
25LSO-04881HB0201
HOUSE BILL NO. HB0201
State funds-investment in Bitcoin.
Sponsored by: Representative(s) Wasserburger, Brown, G,
Filer, Lucas and Singh and Senator(s) Smith,
D
A BILL
for
1 AN ACT relating to public funds; authorizing the investment
2 of state funds and permanent funds in Bitcoin; specifying
3 requirements for the investment in Bitcoin; requiring
4 rulemaking; requiring reports; providing definitions; and
5 providing for an effective date.
6
7
8
9. W.S. 9-4-722 is created to read:
10
11
12
13 (a) As used in this section:
14 2025STATE OF WYOMING25LSO-04882HB02011 (i) "Bitcoin" means the decentralized digital
2 currency launched in 2009, based on Satoshi Nakamoto's
3 paper titled Bitcoin: A Peer-to-Peer Electronic Cash
4 System. "Bitcoin" also includes the digital asset that is
5 the basis of the Bitcoin exchange-traded product that is
6 regulated by the United States securities and exchange
7 commission;
8
9 (ii) "Exchange-traded product" means any
10 financial instrument that:
11
12 (A) Is approved by the United States
13 securities and exchange commission, the federal commodity
14 futures trading commission or the division of banking;
15
16 (B) Is traded on an exchange regulated
17 under state or federal law; and
18
19 (C) Derives its value from an underlying
20 pool of assets, including stocks, bonds, commodities or
21 indexes.
22 2025STATE OF WYOMING25LSO-04883HB02011 (iii) "Private key" means as defined by W.S.
2 34-29-101(a)(v);
3
4 (iv) "Qualified custodian" means any special
5 purpose depository institution, a state chartered trust
6 company or a company regulated under state or federal law
7 that custodies digital assets for an approved
8 exchange-traded product;
9
10 (v) "Secure custody solution" means a
11 technological product or blended product or service that
12 has all of the following:
13
14 (A) The cryptographic private keys that
15 secure digital assets are:
16
17 (I) Exclusively known and accessible
18 by the state treasurer;
19
20 (II) Exclusively contained within an
21 encrypted environment and accessible only through
22 end-to-end encrypted channels;
23 2025STATE OF WYOMING25LSO-04884HB02011 (III) Never contained by, accessible
2 by or controllable with a mobile or cellular phone.
3
4 (B) Any hardware that contains the
5 cryptographic private keys that secure digital assets is
6 maintained in at least two (2) geographically diversified
7 and specially designated secure data centers;
8
9 (C) A multi-party governance structure is
10 enforced for authorizing transactions and for user access
11 and all user-initiated actions are logged;
12
13 (D) The implementation of a disaster
14 recovery protocol that ensures customer access to assets if
15 the provider becomes unavailable;
16
17 (E) The completion of regular code audits
18 and penetration testing from audit firms and the
19 remediation of any identified vulnerabilities.
20
21 (b) The state treasurer may invest the following
22 funds in Bitcoin:
23 2025STATE OF WYOMING25LSO-04885HB02011 (i) The general fund, provided that no more than
2 three percent (3%) of the general fund shall be invested in
3 Bitcoin at any one (1) time;
4
5 (ii) The permanent Wyoming mineral trust fund,
6 subject to subsection (c) of this section;
7
8 (iii) The permanent land fund, subject to
9 subsection (c) of this section.
10
11 (c) The state treasurer may invest the permanent
12 Wyoming mineral trust fund and the permanent land fund in
13 Bitcoin, provided that investments under this subsection
14 shall not exceed three percent (3%) of each fund.
15
16 (d) The state treasurer shall acquire and hold
17 Bitcoin invested under this section using one (1) or more
18 of the following methods:
19
20 (i) Directly by the state treasurer through the
21 use of a secure custody solution;
22
23 (ii) Through a qualified custodian; 2025STATE OF WYOMING25LSO-04886HB02011
2 (iii) Through ownership or holding of an
3 exchange-traded product issued by an investment company or
4 manager registered under the federal Investment Advisor's
5 Act of 1940, as amended.
6
7 (e) If at any time the total market value of
8 investments in Bitcoin under this section exceeds the
9 percentage limits established in subsections (b) and (c) of
10 this section due to market appreciation, the state
11 treasurer shall not be required to sell or otherwise reduce
12 the investments to comply with the limits of this section.
13 The state treasurer shall not make any additional deposits
14 or investments in Bitcoin until the percentage of Bitcoin
15 holdings is within the limits specified in this section.
16 If the value of investments under this section are at or
17 fall below the limits specified in this section, the state
18 treasurer may resume the investment of funds in Bitcoin in
19 accordance with this section.
20
21 (f) The state treasurer shall promulgate all rules
22 necessary to implement this act.
23 2025STATE OF WYOMING25LSO-04887HB02011 (g) Not later than October 1 of each year, the state
2 treasurer shall report to the joint appropriations
3 committee and the select committee on capital financing and
4 investments on:
5
6 (i) The amount and performance of investments in
7 Bitcoin under this section;
8
9 (ii) The custody and security arrangements taken
10 for investments made under this section, including actions
11 taken to comply with secure custody requirements;
12
13 (iii) The cost basis and current market value of
14 the Bitcoin held under this section;
15
16 (iv) The amount of payments received by the
17 state in Bitcoin and the amounts of Bitcoin converted and
18 reimbursed under this section.
19
20W.S. 9-4-714(a)(viii) is amended to read:
21
22
23 2025STATE OF WYOMING25LSO-04888HB02011 (a) As used in this act:
2
3 (viii) "This act" means W.S. 9-4-714 through
49-4-722
5
6. The state treasurer shall promulgate all
7 rules necessary to implement this act.
8
9This act is effective immediately upon
10 completion of all acts necessary for a bill to become law
11 as provided by Article 4, Section 8 of the Wyoming
12 Constitution.
13
14 (END)