A bill by West Virginia lawmakers to allow the state treasury to invest in cryptocurrencies has been submitted to legislature for consideration.

According to Mars Finance, market sources indicate that West Virginia Senator Chris Rose submitted a bill to the state legislature on Wednesday proposing amendments to the state code to allow the state treasury to invest up to 10% of its funds in precious metals, certain digital assets, and stablecoins. Under this proposal, titled the "Inflation Protection Act," the state treasury could invest in precious metals, digital assets with a market capitalization exceeding $750 billion in the previous year (currently only Bitcoin qualifies), and stablecoins that have received regulatory approval from the U.S. or state governments. The bill stipulates that purchased digital assets can be held by qualified custodians or managed through exchange-traded products and secure custody solutions. If passed, West Virginia would become the fourth state, after Texas, Arizona, and New Hampshire, to allow state-level holding of crypto assets. The bill is currently under review by the Banking and Insurance Commission.