The bill regarding the West Virginia state treasurer's ability to invest in cryptocurrencies has been submitted to the legislature for review

According to market news, West Virginia Senator Chris Rose submitted a bill to the state legislature on Wednesday, proposing to amend the state code to allow the state finance board to invest up to 10% of its funds in precious metals, specific digital assets, and stablecoins.

Under the proposal, titled the "Inflation Protection Act," the state treasury would be able to invest in precious metals, digital assets with a market capitalization exceeding $750 billion in the previous year (currently only Bitcoin qualifies), and stablecoins that have received regulatory approval from the U.S. government or state governments. The bill stipulates that the purchased digital assets may be held by qualified custodians or managed through exchange-traded products and secure custody solutions. If the bill passes, West Virginia will become another state, following Texas, Arizona, and New Hampshire, that allows state-level holdings of crypto assets. The bill is currently under review by the Banking and Insurance Committee.