Virginia lawmakers are moving forward with a proposal that would place the Commonwealth among a growing number of states exploring direct exposure to bitcoin and other digital assets through public reserves.

Senate Bill 557, patroned by Senator Reeves, would establish the Commonwealth Strategic Cryptocurrency Reserve Fund, a special nonreverting fund housed in the state treasury and administered by the Virginia State Treasurer. 

The measure advanced this week after passing the Senate General Laws and Technology Committee in a 13–2 vote.

Under the legislation, Virginia would be authorized to invest state-held funds directly into bitcoin or other qualifying cryptocurrencies,…

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