Texas State Rep Files For Strategic Bitcoin Reserve
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Follow Nikolaus On 𝕏 Here For Daily Posts Today, Texas State Representative Giovanni Capriglione officially filed for a Strategic Bitcoin Reserve bill for the state of Texas during a 𝕏 spaces with Dennis Porter of Satoshi Action Fund, a Bitcoin advocacy organization working with politicians on pro-Bitcoin legislation. To summarize, the bill would effectively: See Texas buy and hold bitcoin as a strategic reserve asset. Securely store the BTC in cold storage for at least five years. Allow Texas residents to donate bitcoin to the reserve. Ensure transparency via yearly reports and audits. Allow state agencies to accept cryptocurrencies, and convert them to bitcoin. Establish rules for security, donations, and management. “This Act takes effect immediately if it receives a 12 vote of two-thirds of all the members elected to each house, as 13 provided by Section 39, Article III, Texas Constitution,” the legislation states. “If this Act 14 does not receive the vote necessary for immediate effect, this Act 15 takes effect September 1, 2025.” This is yet another step towards America embracing Bitcoin, fueled by President-elect Donald Trump and Senator Cynthia Lummis’ lead by introducing a Strategic Bitcoin Reserve bill for the United States earlier this year. The hype around implementing a Strategic Bitcoin Reserve has caused a snowball effect of other states and countries introducing legislation to adopt one as well. Other states like Pennsylvania and countries like Russia and Brazil are among those introducing bills for a Strategic Bitcoin Reserve. “Chairman Capriglione is the Chair of the Texas Pensions, Investments, and Financial Services Committee so this bill has legs!” commented Lee Bratcher, President of the Texas Blockchain Council. “No taxpayer funds will be spent on the bitcoin.” Source: https://bitcoinmagazine.com/politics/texas-state-rep-files-for-strategic-bitcoin-reserve
Filed under: News - @ December 12, 2024 6:27 pm