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Lawmakers weigh limited pilot to let treasurer invest seized gambling proceeds in Bitcoin
Summary
HB 51 would authorize the state treasurer to invest up to 5% of annual seized gambling‑violation proceeds in high‑market‑cap digital assets (current draft limits eligible assets to Bitcoin) to test whether modest exposure boosts long‑term returns; proponents cited diversification and hedging, opponents raised risks and questioned taxpayer exposure.
Delegates and witnesses debated House Bill 51, the Strategic Digital Asset Reserve Act, which would create an enabling fund to allow the state treasurer to invest up to 5% of certain seized gambling violation proceeds (sponsor estimated $5,000,000 collected annually; the 5% cap equals roughly $250,000) into high‑market‑cap digital assets under guardrails in the bill as amended.
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