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Dennis Porter, co-founder and chairman of the 501(c)(4) non-profit Satoshi Action Fund, has revealed a significant development in US state-level Bitcoin initiatives. On December 7, via X, he declared, “A 14th state is now poised to introduce ‘Strategic Bitcoin Reserve’ legislation.” Previously, Porter had disclosed that he was working with 13 different states on proposals to establish a Strategic Bitcoin Reserve (SBR). Notably, Porter was instrumental in helping several states pass pro-Bitcoin laws in the past, and his ongoing lobbying efforts center on establishing SBR’s in several US states. When Will US States Establish A Bitcoin Reserve? Porter explained that many people have asked him, “when will the process start for ‘Strategic Bitcoin Reserve’ legislation at the state level,” prompting him to outline a detailed roadmap that he expects most states to follow. According to him, a proposed bill can either originate in a state’s House or Senate; once it is officially introduced, it must pass an initial hearing before a relatively small group of lawmakers who determine whether it should move forward. A simple majority is typically needed in that hearing for the bill to advance to a floor vote in the same legislative chamber. If it obtains a simple majority in that floor vote, it proceeds to the second chamber, where lawmakers again hold a hearing followed by a chamber-wide floor vote. Should the bill pass in the second chamber, it is then sent to the Governor’s desk for signature or veto. Porter stressed that “If the Governor signs the bill, then the legislation is law:” He added: “It’s filled with potential land mines that could kill a bill at any moment,” emphasizing the fragility of the process and the importance of continuous advocacy efforts. Porter shared that timelines for legislative action in most states will begin this…

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Filed under: News - @ January 7, 2025 8:18 pm