Title: Texas Moves Towards Embracing Bitcoin as a Strategic Reserve
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In a recent development, Giovanni Capriglione, a Texas State Representative, has formally submitted a proposal for a Strategic Bitcoin Reserve bill in the state of Texas. This was done during an 𝕏 Spaces event with Dennis Porter, a representative of Satoshi Action Fund, an organization dedicated to promoting Bitcoin-friendly laws and politicians.
In essence, if passed, the proposed bill will:
– Enable the state of Texas to purchase and retain Bitcoin as a strategic reserve asset
– Keep the acquired Bitcoin safely in cold storage for a minimum of five years
– Allow residents of Texas to contribute Bitcoin to the reserve
– Ensure annual reports and audits for transparency
– Permit state agencies to accept cryptocurrencies and convert them into Bitcoin
– Set up regulations for security, donations, and management
The bill will be effective immediately if it garners a two-thirds majority vote from all elected members in each house, as per Section 39, Article III of the Texas Constitution. If it fails to get the required votes, it will come into effect from September 1, 2025.
This move is in line with the broader American trend of adopting Bitcoin, a sentiment fueled by President-elect Donald Trump and Senator Cynthia Lummis, who introduced a similar bill earlier this year. The push for a Strategic Bitcoin Reserve has set off a chain reaction, with other states and countries considering similar legislation. Pennsylvania, Russia, and Brazil are among those contemplating the introduction of Strategic Bitcoin Reserve bills.
Lee Bratcher, President of the Texas Blockchain Council, remarked on the bill, “Chairman Capriglione heads the Texas Pensions, Investments, and Financial Services Committee, so this bill has a strong chance of being passed! It’s important to note that no taxpayer funds will be utilized for the Bitcoin purchase.”
This development is a crucial step for those interested in investing, positioning Texas as a potential leader in the crypto space.
