The document was filed in the Pennsylvania House of Representatives after Wyoming Republican Senator Cynthia Lummis and her fellow U.S. crypto community members said they hoped to pass a bill to create a national Bitcoin reserve within the first 100 days of Donald Trump's presidency.
The bill would allow the Pennsylvania Treasurer to invest “up to 10% of the approximately $7 billion in the state’s General Fund, Emergency Spending Fund, and State Investment Fund in bitcoin, digital assets, and other cryptocurrency exchange-traded products.”
The legislative initiative group stated that “inflation has reduced Pennsylvania’s purchasing power by more than 20% over the past four years.” In turn, the law on the creation of a reserve fund in bitcoins will provide Pennsylvania with financial maneuvering opportunities and partial hedging of the risks of depreciation of state funds.
Earlier, legal advisers at venture capital firm Andreessen Horowitz (a16z) suggested that after Donald Trump's re-election as US President, more favorable conditions for crypto companies will be created in the country.
