Strategic Bitcoin Reserve Act by Senator Anthony Thornton

New Mexico State Senator Anthony Thornton has introduced Senate Bill 275 (SB 275), also known as the "Strategic Bitcoin Reserve Act". The bill proposes allocating 5% of New Mexico’s public funds to Bitcoin.

The act aims to establish Bitcoin reserves for the state treasury, diversifying New Mexico's investments by including Bitcoin.

The 5% allocation would be drawn from various state funds, including the grant permanent fund, severance tax permanent fund, and other state funds considered appropriate by the state investment council.

The bill mandates that the State Investment Council work with financial advisors to ensure responsible Bitcoin investments and maintain financial stability of the state, and it calls for the use of cold storage solutions to safeguard Bitcoin holdings of the state.

Other states such as Pennsylvania, Florida, Texas, Ohio, Alabama, North Dakota, Massachusetts, Utah, Arizona, Illinois, Kentucky, Missouri, Montana and Iowa are also considering Bitcoin reserves.

On the federal level, the White House is reviewing Bitcoin as a potential strategic reserve asset.

It's me, @justmythoughts, an ordinary Hive user looking to make the most of the platform. I will appreciate your support. Follow me for more. Thanks, Gracias :)

Posted Using INLEO