Senate Bill 557, patroned by Senator Reeves, would establish the Commonwealth Strategic Cryptocurrency Reserve Fund, a special nonreverting fund housed in the state treasury and administered by the Virginia State Treasurer. The measure advanced this week after passing the Senate General Laws and Technology Committee in a 13-2 vote. Under the legislation, Virginia would be authorized to invest state-held funds directly into bitcoin or other qualifying cryptocurrencies, creating what supporters describe as a strategic reserve designed to modernize treasury management.