Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
With a committee
A small team of lawmakers (a committee) is reading it closely and deciding if it's a good idea.
Next: the committee votes on whether it moves to the full chamber.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Fiscal Summary STATE GOVERNMENTEXPENDITURESGeneral FundFY26-27$3,216,000FY27-28 & Subsequent Years$1,716,000 OTHER FISCAL IMPACT Any increase in expenditures from the General Fund, Revenue Fluctuation Reserve, or any other state fund for the investment in bitcoin cannot be reasonably estimated. The extent and timing that payers and state department or agencies will participate in bitcoin payments is unknown; therefore, any impact to state revenue or expenditures cannot be reasonably estimated. Bill Summary This bill authorizes the treasurer to invest funds from the following in bitcoin: The general fund. The revenue fluctuation reserve. Any other state fund the general assembly expressly designates. However, this bill prohibits the market value of bitcoin held in or for each fund listed above from, at the time of purchase, exceeding 10% of that fund's total assets. No more than 5% may be acquired in any single fiscal year until the ten-percent ceiling is reached. However, passive appreciation above the cap does not require divestment unless otherwise directed by the state treasurer. This bill requires bitcoin acquired under this bill to be held (i) directly by the state through a secure custody solution, (ii) on the state's behalf by a qualified custodian, or (iii) in the form of an exchange-traded product. Such position must be aggregated with direct holdings when applying the cap as described above. However, this bill does not authorize public funds to be invested in a digital asset, digital commodity, or cryptocurrency other than bitcoin. As used in this bill, a "qualified custodian" means a federal- or state-chartered bank, trust company, special-purpose depository institution, or other regulated financial institution authorized to be a custodian of digital assets, and a "secure custody so
