A bill allowing the West Virginia State Treasury to invest in cryptocurrencies has been submitted to the state legislature for review.

ChainCatcher News, according to market sources, Chris Rose, a senator from West Virginia, submitted a bill to the state legislature on Wednesday proposing to amend the state code to allow the State Treasury Board to invest up to 10% of its funds in precious metals, certain digital assets, and stablecoins.

According to this proposal, named the "Inflation Protection Act," the State Treasury would be allowed to invest in precious metals, digital assets with a market capitalization exceeding 75 billion USD in the previous year (currently, only bitcoin meets this standard), and stablecoins that have received regulatory approval from the U.S. federal or state government. The bill stipulates that the purchased digital assets may be held by qualified custodians or managed through exchange-traded products and secure custody solutions. If passed, West Virginia would become another state, after Texas, Arizona, and New Hampshire, to allow state-level holdings of crypto assets. The bill has now been submitted to the Banking and Insurance Committee for review.