Virginia Advances Bill to Establish Strategic Cryptocurrency Reserve Fund

Virginia lawmakers have progressed Senate Bill 557, aiming to create a Strategic Cryptocurrency Reserve Fund for state investments in Bitcoin and other major cryptocurrencies. According to NS3.AI, the fund will be nonreverting and managed under a prudent person standard, ensuring transparency and security through third-party custodians and audits. This initiative positions Virginia alongside other U.S. states such as South Dakota, Rhode Island, and New Hampshire, which are also considering public sector cryptocurrency investments and tax incentives.