Bill > S1967

This bill establishes a Commonwealth Bitcoin Strategic Reserve, which would allow the State Treasurer to invest up to 10% of the money deposited in the Commonwealth Stabilization Fund into Bitcoin or other digital assets. The bill provides detailed definitions for key terms like "Bitcoin" (a decentralized digital currency launched in 2009), "Digital Asset" (a virtual currency or electronic asset), and "Secure Custody Solution" (a technological method for safely storing digital assets with specific security requirements). The proposed fund would be administered by the treasurer, who can acquire Bitcoin or digital assets directly through a qualified custodian or via an exchange-traded product, and potentially loan these assets to generate additional returns. The bill outlines strict security protocols for managing these digital assets, including requirements like exclusive cryptographic key access, geographically diversified secure data centers, multi-party governance, regular security audits, and disaster recovery protocols. Additionally, the treasurer may deposit Bitcoin or digital assets seized by the commonwealth into this strategic reserve fund.