A bill for an act relating to the investment of public moneys in digital assets and precious metals.

HF 246, the "Inflation Protection Act," allows Iowa's state treasurer to invest up to 5% of specific state funds (general fund, cash reserve fund, and economic emergency fund) in precious metals (gold, silver, platinum), digital assets with over $750 billion in market capitalization, and approved stablecoins. The bill requires all digital assets to be held through secure storage methods, qualified custodians, or exchange-traded products, and mandates that stablecoins must have state or federal regulatory approval. It also specifies that digital asset payments for taxes or fees must be converted to U.S. currency unless the asset meets the $750 billion market cap threshold, in which case it transfers to the general fund. The law aims to expand permissible investments while imposing strict security and custody rules for digital assets.