Bill > SB178

This bill amends Georgia state law to allow the state treasurer to invest up to 5 percent of any fund in Bitcoin, a decentralized digital currency hosted on a public blockchain. The bill provides detailed definitions and requirements for such investments, including specific provisions for secure custody of digital assets. Investments in Bitcoin can be held directly through a secure custody solution with strict security protocols (such as encrypted private keys, geographically diverse data centers, and multi-party transaction authorization), held by a qualified custodian like a federal or state-chartered bank, or purchased through an exchange-traded product issued by a registered investment company. The bill mandates that the secure custody solution must have robust security features, including end-to-end encrypted channels, exclusive key management, user access controls, and regular security audits. Additionally, the bill allows the state treasurer to loan digital assets, provided such loans do not increase financial risk to the state. This legislation represents a novel approach to government investment strategies by formally recognizing and regulating potential cryptocurrency investments at the state level.

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https://www.legis.ga.gov/legislation/70371