Virginia Passes Bitcoin Reserve Fund Bill in Senate Committee

In Virginia, the bill SB557, which establishes a state cryptocurrency reserve fund, passed the Senate Committee by a vote of 13 to 2 on the 5th. The bill permits the state treasurer to invest in digital assets such as Bitcoin (BTC). Investments are limited to cryptocurrencies that have maintained an average market capitalization of over $500 billion (approximately 78.5 trillion yen) over the past 24 months, currently only applicable to Bitcoin. The bill includes several protective measures. The state treasurer is required to manage investments based on the 'prudent person' standard and can contract with a third-party custodian that uses cold storage. An advisory committee composed of five digital asset investment experts is also to be established...