2026 SESSION

INTRODUCED

26102247D

HOUSE BILL NO. 1121

Offered January 14, 2026

Prefiled January 14, 2026

A BILL to amend the Code of Virginia by adding sections numbered 2.2-4510.1 and 2.2-4510.2, relating to investment of public funds; precious metals commodities; virtual currency.

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Patron—Walker

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Referred to Committee on General Laws

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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding sections numbered 2.2-4510.1 and 2.2-4510.2 as follows:

§ 2.2-4510.1. Investment of funds in precious metals commodities.

A. For the purposes of this section:

"Commodities Exchange-Traded Products" and "Commodities ETPs" means any financial instrument that is approved by the Securities Exchange Commission or the Commodities Future Trading Commission that is traded on a United States regulated exchange and derives its value from an underlying pool of commodity assets. "Commodities ETPs" includes Exchange-Traded Funds, Exchange-Traded Commodities, and Exchange-Traded Notes.

"Precious metals" includes gold, silver, platinum, and palladium.

B. Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, other political subdivisions, and other public bodies of the Commonwealth may invest any and all moneys belonging to them or within their control, other than sinking funds, in Commodities ETPs that are restricted to investments solely in precious metals commodities, provided that no such investment shall remain continuously invested in any Commodities ETPs for a period of more than five years.

C. The Commonwealth Treasury Board shall establish and maintain strict guidelines concerning any investments in Commodities ETPs authorized pursuant to this section.

D. The Commonwealth and any public officers, municipal corporations, other political subdivisions, or other public bodies of the Commonwealth that invest in Commodities ETPs pursuant to this section shall monitor the performance of such investments for compliance with the investment guidelines established pursuant to subsection C.

§ 2.2-4510.2. Investment of funds in virtual currencies.

A. For the purposes of this section, "virtual currency" means the same as that term is defined in § 6.2-818.1.

B. Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, other political subdivisions, and other public bodies of the Commonwealth may invest any and all moneys belonging to them or within their control, other than sinking funds, in virtual currencies, provided that no such investment shall remain continuously invested in any virtual currency for a period of more than five years.

C. The Treasury Board shall establish and maintain strict guidelines concerning any investments in virtual currencies authorized pursuant to this section.

D. The Commonwealth and any public officers, municipal corporations, other political subdivisions, or other public bodies of the Commonwealth that invest in virtual currencies pursuant to this section shall monitor the performance of such investments for compliance with the investment guidelines established pursuant to subsection C.