Illinois Senator Proposes Bill for Public Funds Investment in Bitcoin

Illinois State Senator Steve McClure has introduced Bill SB3672, known as the Local Government Digital Asset Investment Act, which aims to amend the state's Public Funds Investment Act to allow public institutions to allocate up to 5% of public funds into Bitcoin-related financial products. According to ChainCatcher, the bill defines eligible 'digital asset stocks' as equity in publicly traded companies that, according to their latest audited financial statements, hold at least 25% of their total assets in Bitcoin or other digital currencies. This threshold includes companies like Strategy, Twenty One Capital, Metaplanet, and Semler Scientific, which focus on Bitcoin accumulation as a core strategy. The bill also permits public funds to invest in Bitcoin ETFs and Bitcoin bonds, with additional transparency requirements.