News Scrap

Key Takeaways

The Pennsylvania House introduced legislation to allocate up to 10% of state funds into Bitcoin.
Similar Bitcoin legislation is being considered in 10 other states, influenced by the Satoshi Action Fund.

Pennsylvania lawmakers have introduced the Pennsylvania Bitcoin Strategic Reserve Act, a bill that would allow the state treasury to hold Bitcoin as a strategic reserve asset, as reported by Fox Business.

The Pennsylvania Bitcoin Strategic Reserve Act, introduced Thursday in the state’s House of Representatives, 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 bill follows Pennsylvania’s recently passed Bitcoin Rights legislation, which protects residents’ rights to self-custody digital assets and use Bitcoin for payments.

That measure passed the Democrat-led House with 176 votes to 26 and awaits Senate consideration.

The bill, introduced by Republican Pennsylvania state Rep. Mike Cabell, aims to protect state funds from inflation while diversifying beyond traditional assets.

“The Pennsylvania Bitcoin Strategic Reserve Act is a visionary step toward securing our state’s financial future,” Cabell stated.

The Satoshi Action Fund, which helped craft both bills, says it’s working with 10 other states on similar legislation.

“With public support and interest in Bitcoin at an all-time high, we expect both bills to be passed and signed into law next year,” said Dennis Porter, the group’s founder.

While Pennsylvania aims to be the first to directly purchase Bitcoin, Michigan and Wisconsin state pension funds have begun acquiring positions in Bitcoin ETFs for exposure to the digital asset.