Giovanni Capriglione, Texas state representative, was sworn in today filed The bill is a Strategic Bitcoin Reserve for Texas. đť•Ź spaces Dennis Porter, Satoshi Action Fund is a Bitcoin advocacy group that works with politicians to develop pro-Bitcoin laws.
The bill is essentially:
- Texas is buying and holding bitcoins as a reserve asset.
- Keep the BTC cold for at minimum five years.
- Texas residents can now donate Bitcoins to the reserve.
- Transparency is ensured through annual reports and audits.
- Accept cryptocurrencies from state agencies and exchange them for bitcoin.
- Create rules regarding 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 law states. “If this Act 14 does not receive the vote necessary for immediate effect, this Act 15 takes effect September 1, 2025.”
The President-elect Donald Trump’s and Senator Cynthia Lummis’ lead has fueled this step. introducing Early this year, the United States introduced a bill on establishing a Strategic Bitcoin Reserve. As a result of the hype surrounding the implementation of a Strategic Bitcoin Reserve, other countries and states have introduced legislation in order to implement one. Some other states, such as Pennsylvania, and countries like Russia or Brazil have introduced bills to create 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 Texas Blockchain Council. “No taxpayer funds will be spent on the bitcoin.”
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Source: bitcoinmagazine.com
