Pennsylvania Lawmakers Introduce Revolutionary Legislation To Establish Bitcoin As A Strategic Asset Reserve
As President-elect Donald Trump prepares to take office in January after beating Kamala Harris in the elections, his proposal to establish a strategic national Bitcoin reserve is gaining momentum across the United States.
Pennsylvania lawmakers have introduced the Pennsylvania Bitcoin Strategic Reserve Act, legislation that would allow the state treasury to invest in Bitcoin as a strategic reserve asset.
Pennsylvanias Bitcoin Strategic Reserve Act
Following in the footsteps of Senator Cynthia Lummis similar proposal, Pennsylvania lawmakers introduced the Pennsylvania Bitcoin Strategic Reserve Act in the states House of Representatives on Thursday.
The bill, sponsored by Republican Pennsylvania state Rep. Mike Cabell, would allow the treasury to allocate up to 10% of its $7 billion state funds into Bitcoin as a hedge against inflation and to diversify beyond traditional assets.
The Pennsylvania Bitcoin Strategic Reserve Act is a visionary step toward securing our states financial future, Cabell stated.
Cabell argued that many renowned financial institutions and nation-states, including the United States, have invested in Bitcoin to protect their funds from economic volatility. Moreover, high-profile investment companies like BlackRock and Fidelity are now offering their customers Bitcoin options, while U.S. states such as Wisconsin have also made strategic investments in crypto assets.
The Pennsylvania Bitcoin Strategic Reserve Act is a visionary step toward securing our states financial future. By integrating Bitcoin into our reserves, were not only protecting Pennsylvania from inflations relentless impact but also positioning our state as a leader in financial resilience and innovation, the state representative added.
Pennsylvania To Set A Precedent For Other States?
Mike Cabell stressed that the bill sends a straightforward message: Pennsylvania is ready to embrace bold, modern solutions to safeguard economic prosperity for generations to come.
If the Pennsylvania Bitcoin Strategic Reserve Act is passed, it would position the state as the first in the country to hold the premier crypto directly on its balance sheet. This could potentially mark a transition toward a more serious integration of crypto assets into governmental economic strategies. The legislation would also set a precedent for other states considering similar moves.
On the federal level, Senator Lummis introduced a similar bill dubbed the Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide Act of 2024, or the BITCOIN ACT. The bill maps out a path for the U.S. states and federal agencies to invest in Bitcoin.
Text source: ZyCrypto
