Bill > SB275

This bill establishes a framework for New Mexico to invest in and manage Bitcoin as a strategic financial asset. The legislation allows the state treasurer and state investment council to invest up to 5% of funds from specific permanent funds (including land grant, severance tax, and tobacco settlement funds) in Bitcoin. The bill provides comprehensive definitions for Bitcoin, digital assets, and establishes strict security requirements for storing and managing these assets, including a "secure custody solution" with robust cryptographic protections. Digital assets can be held directly by state entities, through a qualified custodian, or via exchange-traded products regulated by federal agencies. The bill also permits retirement funds to invest in Bitcoin-related exchange-traded products and mandates that any taxes or fees paid in digital assets be transferred to the general fund and converted to U.S. currency within 60 days. The underlying legislative findings suggest that Bitcoin can be used as a monetary tool to protect against economic shocks and preserve purchasing power. The provisions of this act are set to become effective on July 1, 2025, giving state financial institutions time to prepare for potential Bitcoin investments and develop appropriate infrastructure for managing digital assets.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=275&year=25