Bitcoins
The Wyoming Highway Patrol Association (WHPA), a nonprofit organization supporting troopers, dispatchers and civilian support staff of the highway patrol, is reportedly exploring the adoption of Bitcoin, including adding it to its balance sheet.
The plan is in partnership with Bitcoin education platform Proof of Workforce’s “Get Off Zero” initiative to help labor unions, pension funds and others learn about Bitcoin and its benefits, Proof of Workforce founder Dom Bei said in a Feb. 12 statement.
A portion of those Bitcoin funds would potentially be held in self-custody, Bei said.
Bei explained that Bitcoin is a reliable and stable long-term tool for workers and wage-earners as the unpredictable fiat-based monetary system continues to expand and change.
Should it go ahead, this may be the first time a law enforcement association in the United States has adopted Bitcoin (BTC). Cointelegraph reached out to the WHPA for comment.
Source: Proof of Workforce
The plan received full support from Wyoming Senator Cynthia Lummis — who introduced the Bitcoin reserve bill at the federal level last July.
“This is so cool,” she said. “The goal with this stuff is to help Americans access tools to realize and protect the full value of their effort, their blood, their sweat and their tears.”
“Love to see Wyoming citizens who protect us, protected by Bitcoin. That’s freedom-focused innovation,” Lummis added.
WHPA vice president Austin Bluemel didn’t shed much detail on the initiative other than that it is “excited to explore Bitcoin as a network and asset, to evaluate ways it can further support our organization and its members,” The Street reported.
Wyoming introduced its own strategic Bitcoin reserve bill on Jan. 17 that would invest up to 3% of the state’s funds in Bitcoin.
If the total market value of Bitcoin investments surpasses the 3% limit, the state treasurer is not permitted to sell or reduce the size of the Bitcoin allocation to comply with the rule.
Related: Strategic Bitcoin reserve to protect the Amazon (feat. Rainforest Foundation US)
Arizona, Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Texas and Utah are among other states that have also introduced bills for a Bitcoin reserve.
Utah has made the most regulatory progress, being the only state to have a Bitcoin reserve bill passed through the House.
State-level progress for strategic Bitcoin reserves in the US. Source: Dennis Porter
Satoshi Action Fund CEO Dennis Porter has also tipped Utah to be the first US state to adopt a Bitcoin reserve, citing the state’s shorter legislative window calendar and “political momentum.”
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