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January 16 News
U.S. West Virginia State Senator Chris Rose submitted a new bill to the state legislature on Wednesday, proposing to allow the state finance committee to allocate up to 10% of funds into precious metals, specific digital assets, and compliant stablecoins.
The bill, titled the "Inflation Protection Act," stipulates:
• Investable digital assets must have a market capitalization of over $750 billion in the previous year (according to current standards, only Bitcoin qualifies);
• Stablecoins must be approved by federal or state regulators in the United States;
• Assets can be held by qualified custodians or managed through secure methods such as exchange-traded products (ETPs).
If passed, West Virginia will join states like Texas, Arizona, and New Hampshire in becoming another region that allows government funds to hold crypto assets. The bill has now been submitted to the Banking and Insurance Committee for review.
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