HB0201

Authorizes the State Treasurer to invest state funds and permanent funds in Bitcoin with specified limits and security requirements.

• Defines Bitcoin as the decentralized digital currency launched in 2009 and includes Bitcoin exchange-traded products regulated by the SEC. (W.S. 9-4-722(a)(i))
• Defines exchange-traded products, qualified custodians, and secure custody solutions with specific security requirements including encrypted private keys, geographically diversified data centers, multi-party governance, disaster recovery protocols, and regular security audits. (W.S. 9-4-722(a)(ii)-(v))
• Authorizes the State Treasurer to invest up to 3% of the general fund in Bitcoin. (W.S. 9-4-722(b)(i))
• Authorizes the State Treasurer to invest up to 3% of the permanent Wyoming mineral trust fund and permanent land fund in Bitcoin. (W.S. 9-4-722(b)(ii)-(iii), W.S. 9-4-722(c))
• Specifies that Bitcoin may be acquired and held directly through a secure custody solution, through a qualified custodian, or through an exchange-traded product from a federally registered investment company. (W.S. 9-4-722(d))
• Provides that if Bitcoin holdings exceed the percentage limits due to market appreciation, the State Treasurer is not required to sell the excess but may not make additional investments until holdings return to within the specified limits. (W.S. 9-4-722(e))
• Requires the State Treasurer to promulgate rules necessary to implement the act. (W.S. 9-4-722(f), Sec. 3)
• Requires the State Treasurer to report annually to the joint appropriations committee and select committee on capital financing and investments regarding Bitcoin investment amounts, performance, custody arrangements, cost basis, current market value, and any Bitcoin payments received or converted. (W.S. 9-4-722(g))
• Amends the definition section of Wyoming's investment law to include the new Bitcoin investment statute. (W.S. 9-4-714(a)(viii), Sec. 2)

Effective: Immediately upon completion of all acts necessary for a bill to become law