YEREVAN (CoinChapter.com) — The Wyoming Highway Patrol Association (WHPA) is evaluating whether to add Bitcoin (BTC) to its balance sheet, according to reports. The move is part of the “Get Off Zero” initiative by Proof of Workforce. The Bitcoin education platform focuses on labor unions, pension funds, and other organizations.
Wyoming Highway Patrol Bitcoin Initiative. Source: Proof of WorkforceAccording to Proof of Workforce founder Dom Bei, the initiative aims to help law enforcement personnel and workers understand Bitcoin’s potential benefits. WHPA’s decision, if implemented, would make it the first known law enforcement association in the U.S. to integrate Bitcoin into its financial structure.
Bitcoin Custody and Financial Plans Under Discussion
A portion of the Bitcoin holdings could be managed through self-custody, allowing WHPA to control its funds without relying on third parties. Bei stated that Bitcoin offers a stable financial tool for workers in an unpredictable economic environment.
WHPA Vice President Austin Bluemel confirmed that the organization is considering Bitcoin as a network and asset to explore ways it can support its members. However, no specific details have been provided on how or when the plan might be implemented.
Wyoming’s Bitcoin Reserve Bill Supports Crypto Integration
Wyoming has been at the forefront of Bitcoin legislation. On Jan. 17, the state introduced a Bitcoin reserve bill, allowing up to 3% of state funds to be invested in Bitcoin. The legislation states that if Bitcoin’s market value surpasses the 3% cap, the state treasurer cannot sell or reduce holdings to meet the limit.
Wyoming Bitcoin Investment Bill. Source: State of WyomingThe initiative has the full support of Wyoming Senator Cynthia Lummis. She has long been an advocate for Bitcoin at the federal level. Lummis introduced a Bitcoin reserve bill in July 2023 and expressed approval for the WHPA’s consideration of Bitcoin.
“This is so cool,”
Lummis 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.”
She added,
“Love to see Wyoming citizens who protect us, protected by Bitcoin. That’s freedom-focused innovation.”
U.S. States Pushing for Bitcoin Reserves
In addition, several U.S. states have introduced Bitcoin reserve bills, including Arizona, Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Texas, and Utah.
U.S. Bitcoin Reserve Legislation Map. Source: XUtah has made the most progress, becoming the only state where a Bitcoin reserve bill has passed through the House.
Satoshi Action Fund CEO Dennis Porter pointed to Utah’s short legislative cycle and political momentum as factors that could make it the first U.S. state to adopt a Bitcoin reserve.
Utah Bitcoin Reserve Bill Advances. Source: Dennis PorterThe post Wyoming Highway Patrol Union Considers Adding Bitcoin to Its Balance Sheet appeared first on Coinchapter.
%%featured_image%%
