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Wyoming debate over 'Wyoming Gold Act' centers on physical metal, alternative investments and bitcoin
Summary
Lawmakers in the Wyoming House debated Senate File 96, the "Wyoming Gold Act," for more than an hour, considering amendments on study funding, how the state would hold precious metals, and whether to allow investment in bitcoin and other instruments. Several amendments failed on recorded roll calls.
The Wyoming House debated Senate File 96, titled the "Wyoming Gold Act," which would give the state authority to acquire gold and related precious-metal investments, during a lengthy floor session on Feb. 18.
Supporters said the measure would give the state an inflation hedge and another asset class for state reserves. Opponents warned of costs, storage logistics and that the state's existing investment apparatus already holds inflation-protecting assets.
The bill drew a string of floor amendments. Representative Larson moved an amendment to appropriate $50,000 to the Department of Revenue to fund a study the bill would require; the amendment was moved on the floor. Representative Yen and other members then offered additional amendments to change whether the state holds physical metal or certificates, to broaden allowable investments to include exchange-traded funds and Treasury Inflation-Protected Securities (TIPS), and to allow bitcoin purchases.
Lawmakers debated whether the state should…
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