Today, Texas state representative Giovanni Capriglione officially to file for a Strategic Bitcoin Reserve bill for the state of Texas during a π space by Dennis Porter of Satoshi Action Fund, a Bitcoin advocacy group working with politicians on pro-Bitcoin legislation.
To summarize, the bill would effectively:
- See Texas buying and holding bitcoin as a strategic reserve asset.
- Save the BTC in cold storage for at least five years.
- Allow Texas residents to donate bitcoin to the reserve.
- Ensuring transparency through annual reports and audits.
- Allow state agencies to accept cryptocurrencies, and convert them to bitcoin.
- Establish rules for security, contributions, and management.
“This Act shall take effect immediately if it receives a vote 12 of two-thirds of all the members elected for each house, as 13 is provided by Section 39, Article III, of the Texas Constitution,” the legislation states. “If this Act 14 does not receive the necessary vote to be enacted immediately, this Act 15 shall take effect on September 1, 2025.β
This is another step towards America's adoption of Bitcoin, encouraged by President-elect Donald Trump and Senator Cynthia Lummis led by bring in Strategic Bitcoin Reserve bill for the United States earlier this year. The hype surrounding the implementation of a Strategic Bitcoin Reserve has caused a snowball effect of other states and countries introducing legislation to adopt one as well. Other states such as Pennsylvania and countries such as Russia and Brazil are among those that have introduced bills for a Strategic Bitcoin Reserve.
βChairman Capriglione is the Chairman of the Texas Pensions, Investments and Financial Services Committee so this bill has legs! said Lee Bratcher, President of the Texas Blockchain Council. “Taxpayers' money will not be spent on bitcoin.”
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