Chris Rose, West Virginia State Senator has submitted a bill titled The Inflation Protection Act of 2025 to allow the state’s treasury to invest a portion of its holdings into digital assets or precious metals.
Here are the latest updates from the crypto world
Chris Rose, West Virginia State Senator has submitted a bill titled The Inflation Protection Act of 2025 to allow the state’s treasury to invest a portion of its holdings into digital assets or precious metals.
This bill which was submitted on Feb. 14, creates provisions for the West Virginia Treasury to invest in any digital asset with a market capitalization of over $750 billion, including stablecoins.
As of now, Bitcoin BTC$97,569 is the sole digital asset that fulfills the market cap criteria specified in the proposal.
The bill also mentions that the treasury can only invest 10% of its total funds into digital assets and precious metals. Additionally, the state can hold the assets on-chain or through exchange-traded funds (ETFs).
Senator Rose's proposed bill is the newest among numerous state-level legislative initiatives aimed at creating Bitcoin or digital asset reserves to protect against currency inflation caused by ongoing deficit spending.
Tether, the stablecoin issuer, has demonstrated its financial strength by purchasing a minority share in Juventus FC, a historic Serie A football club established over 125 years ago in Turin, Italy.
In a February 14 announcement, it was revealed that the investment aligns with Tether's aim to incorporate stablecoins, digital assets, and user-centric technology into daily life. Financial specifics of the investment were not disclosed.
The company mentioned its intention to make 'strategic investments' in global sports franchises, potentially promoting digital assets and payments to a broader audience. According to Forbes, Juventus ranks as the 11th most valuable football franchise globally, valued at $2.05 billion. As of May 2024, the franchise's annual revenue stood at $459 million.
Tether's investment in Juventus follows a record-breaking year for the stablecoin issuer, which earned $13 billion in profits in 2024, with its holdings in low-risk US Treasury bonds reaching a peak of $113 billion.
The U.S. Securities and Exchange Commission (SEC) has requested an additional 28 days to review Coinbase's appeal in their current lawsuit. However, the agency suggests that its newly established crypto division could potentially resolve the 20-month legal battle.
The efforts of the crypto task force might influence and help in resolving both the ongoing district court case and any possible appeals, according to the Feb. 14 filing.