The bill by West Virginia state lawmakers regarding "State Treasury Department's ability to invest in cryptocurrencies" has been sent to the legislature for review.

PANews January 16 News, according to Cointelegraph, U.S. West Virginia State Senator Chris Rose submitted a bill to the state legislature on Wednesday proposing amendments to the state code that would allow the state finance committee to invest up to 10% of funds in precious metals, certain digital assets, and stablecoins. Under the proposed “Inflation Protection Act,” the state treasury can invest in precious metals, digital assets with a market cap exceeding $750 billion in the previous year (currently only Bitcoin qualifies), and stablecoins approved by U.S. or state regulators. The bill stipulates that purchased digital assets can be held by qualified custodians or managed through exchange-traded products and secure custody solutions. If passed, West Virginia will become the fourth state after Texas, Arizona, and New Hampshire to allow state-level holdings of crypto assets. The bill has been submitted to the Banking and Insurance Committee for review.