IA HF246

Authorizes the Iowa State Treasurer to invest up to 5% of the general fund, cash reserve fund, and Iowa economic emergency fund in precious metals (gold, silver, platinum), digital assets with market capitalization over $750 billion averaged over the previous calendar year, and stablecoins

Requires digital assets to be held through a secure-custody solution by the Treasurer, by a qualified custodian (federal or state-chartered bank, trust company, or depository), or as an SEC/CFTC-approved exchange-traded product

Requires precious metals to be held in physical form by the state (alone or in conjunction with another state), by a qualified custodian, or as an exchange-traded product

Permits the Treasurer to loan digital assets to generate additional returns for the state, provided doing so does not increase financial risk to the state

Mandates that any tax or fee paid to the state in qualifying digital assets or stablecoins be transferred to the general fund, with the original designated fund reimbursed in U.S. currency; digital assets below the $750 billion market cap threshold must be converted to U.S. currency