Crypto Law Profile
Pennsylvania HB 2664 proposed authority for the State Treasurer to invest certain state funds in Bitcoin or digital assets and for retirement systems to invest in ETPs. It expired after referral to House Finance.
The Bitcoin Strategic Reserve Act was a Pennsylvania House bill from the 2023-2024 Regular Session. Introduced as HB 2664, PN 3820, the proposal would have authorized the Pennsylvania State Treasurer to invest certain state funds in Bitcoin or other digital assets, and would have allowed state retirement systems to invest in approved exchange-traded products. The bill was referred to the House Finance Committee on Nov. 19, 2024 and did not become law before the 2023-2024 session ended.
HB 2664 framed Bitcoin as a potential reserve asset for public funds in response to inflation and economic uncertainty. The bill’s declaration of purpose stated that inflation had eroded the purchasing power of state-managed assets and that Pennsylvania should have access to assets such as Bitcoin to protect against that erosion.
The operative provisions were permissive rather than mandatory. The bill used “may” language for the State Treasurer and for retirement systems, meaning the proposal would have created authority to invest but would not itself have required an allocation. Because the measure expired without enactment, Pennsylvania public funds did not receive new statutory Bitcoin investment authority under this bill.
The proposal would have allowed the State Treasurer to invest unexpended, unencumbered, or uncommitted money from the General Fund, the Budget Stabilization Reserve Fund, and other investment funds managed directly by the State Treasurer in Bitcoin or digital assets.
HB 2664 would have capped the amount invested from any covered fund during a calendar year at 10% of the total amount deposited in that fund at the time of the investment. The cap applied fund-by-fund rather than as a single statewide portfolio cap.
The bill contemplated two holding structures for Bitcoin or digital assets acquired by covered funds: direct holding by the State Treasurer through a secure custody solution using a qualified custodian, or exposure through an exchange-traded product issued by an investment company registered in Pennsylvania. The bill defined qualified custodians to include certain federal or state chartered banks, trust companies, special purpose depository institutions, and Commonwealth-regulated custodial companies.
HB 2664 also would have allowed the State Treasurer to loan Bitcoin or digital assets if doing so did not increase financial risk to the Commonwealth. The bill would have required the Treasurer to promulgate regulations for that lending authority.
For state retirement funds, the bill did not authorize direct Bitcoin custody. Instead, it would have allowed the State Employees’ Retirement System, the Public School Employees’ Retirement System, and any other state retirement system to invest unexpended, unencumbered, or uncommitted retirement fund money in exchange-traded products.
HB 2664 was introduced by Representatives Mike Cabell and Aaron Kaufer on Nov. 19, 2024 and referred to the House Finance Committee the same day. The bill text provided that, if enacted, the act would have taken effect 60 days after enactment. As of June 9, 2026, no enacted Pennsylvania statute corresponding to HB 2664 was identified in the sources reviewed.
For CryptoSlate tracking purposes, the bill is best classified as an expired state bill rather than an active proposal. Editors should separately monitor any 2025-2026 reintroduction, because a later co-sponsorship memo appears to describe a narrower 5% reserve allocation concept that is not identical to HB 2664’s 10% cap.
The bill would have applied only to Pennsylvania state-level treasury and state retirement fund investment authority. It would not have regulated private crypto users, exchanges, miners, stablecoin issuers, or digital asset service providers, and it would not have created a consumer-facing crypto licensing regime.
Would have allowed the State Treasurer to invest unexpended, unencumbered, or uncommitted money from specified state funds.
Would have limited investments from each covered fund to 10% of money deposited in that fund at the time of investment.
Would have required direct holdings to use a secure custody solution with a qualified custodian or qualifying exchange-traded product exposure.
Would have allowed state lending of Bitcoin or digital assets only if it did not increase Commonwealth financial risk, subject to regulations.
Would have allowed Pennsylvania state retirement systems to invest available retirement fund money in exchange-traded products.
HB 2664 was introduced by Reps. Cabell and Kaufer and referred to the House Finance Committee.
The session formally adjourned; HB 2664 did not advance before the end of the two-year session.
Pennsylvania House of Representatives, Pennsylvania State Treasurer, Public School Employees' Retirement System, State Employees' Retirement System
Bitcoin, Digital assets, Exchange-traded products
HB 2664 was a 2023-2024 proposal and did not become law. A later 2025 co-sponsorship memo appears to describe a related but narrower 5% reserve allocation concept; this profile tracks HB 2664 PN 3820.
