Pennsylvania legislators have proposed a bill in the state's House of Representatives to allow the treasury to invest up to 10% of its balance sheet in Bitcoin. Representative Mike Cabell introduced the legislation as a measure to safeguard against inflation, suggesting that using Bitcoin as a hedge could provide stability during economic uncertainty. If approved, the bill would enable Pennsylvania's Treasurer to allocate funds from the State General Fund, Rainy Day Fund, and State Investment Fund into Bitcoin. The state's Treasury currently holds over $9.7 billion in the General Fund and approximately $7 billion in the Rainy Day Fund. The bill, inspired by the Satoshi Action Fund, also aims to establish a regulatory framework for self-custody and crypto payments. Republican Senator Cynthia Lummis has expressed intentions to introduce a similar bill at the federal level in the future. Read more AI-generated news on: https://app.chaingpt.org/news

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