Originally published on: December 12, 2024
A groundbreaking proposal to establish a strategic Bitcoin reserve in Texas has been introduced by Representative Giovanni Capriglione in the state’s House of Representatives. The “Texas Strategic Bitcoin Reserve Act” aims to create a reserve of Bitcoin as part of the state’s treasury for a minimum of five years.
Unlike previous suggestions for national Bitcoin reserves, this bill does not involve the use of taxpayer funds to acquire Bitcoin. Instead, the legislation proposes that Texas residents and governmental entities can contribute their BTC voluntarily to the reserve. The objective is to build the reserve through donations from Texans, US-based companies, and other existing state resources.
According to the draft of the bill, designated as HB 1598, a two-thirds majority in both the Texas Senate and House is required for it to pass. The state legislature will reconvene for its 89th regular session on Jan. 14.
This move by Representative Capriglione comes in the wake of post-2024 United States elections, with Republicans gaining control of the presidency and Congress. Former President Donald Trump had pledged to explore the establishment of a “strategic national Bitcoin stockpile” during his campaign.
Following this trend, a Pennsylvania lawmaker has also introduced a BTC reserve bill inspired by a proposal from the Satoshi Action Fund advocacy group. Dennis Porter, co-founder of the group, has noted similarities between the Pennsylvania bill and the one put forth in Texas.
This development showcases Texas’s forward-thinking approach to embracing the future of finance and technology. Stay tuned for more updates on this revolutionary Bitcoin reserve plan and its potential impact on the state’s economy and the broader crypto landscape.
For more insightful articles like this, be sure to subscribe to our newsletter, Law Decoded, to stay informed on the latest crypto laws and regulations. Join us as we navigate the evolving crypto landscape together!
