Overview
- Two linked bills, SB1042 and SB1649, cleared the House Rules Committee on Tuesday with eight votes, sending them to the full House.
- SB1042 would let select public funds put up to 10% of assets into approved digital currencies such as Bitcoin under capped exposure and oversight.
- SB1649 would create a Digital Assets Strategic Reserve funded by seized or surrendered crypto, managed by the State Treasurer, and kept in secure custody or approved exchange-traded products instead of being auctioned.
- The reserve would screen assets by adoption, transaction volume and value, and development activity, with outlets naming options that include Bitcoin, XRP, Monero, NEAR, Nano, DigiByte, stablecoins, and NFTs, though the exact list remains unsettled.
- The treasurer could seek returns from staking, airdrops, or limited lending only if this does not raise financial risk, and the measures would still need final House approval, any reconciliation, and the governor’s decision to become law.