Dennis Porter, co-founder and president of the 501(c)(4) non-profit Satoshi Action Fund, revealed a major development in Bitcoin initiatives at the US state level. On December 7, via X, he Announce“The 14th State is now preparing to introduce “Bitcoin Strategic Reserve” legislation.”
Previously, Porter revealed that he was working with 13 different states on proposals to create a Strategic Bitcoin Reserve (SBR). It is worth noting that Porter has been instrumental in helping several states pass pro-Bitcoin laws in the past, and his ongoing lobbying efforts have focused on establishing an SBR in several US states.
When will the United States create a Bitcoin reserve?
porter He explained Several people asked him, “When will the statewide Bitcoin Strategic Reserve legalization process begin,” prompting him to outline a detailed roadmap that he expects most states to follow. According to him, the proposed bill could originate in either the House of Representatives or the State Senate; Once formally filed, it must pass a preliminary hearing before a relatively small group of lawmakers who determine whether it should move forward.
A simple majority is usually needed at that hearing for the bill to be put to a vote in the same legislative chamber. If it receives a simple majority in that chamber’s vote, it moves to the second chamber, where lawmakers again hold a hearing followed by a chamber-wide vote.
If the bill is approved in the second chamber, it is then sent to the governor’s desk for his signature or veto. “If the governor signs the bill, the legislation is law,” Porter stressed, adding, “It is full of potential landmines that could kill the bill at any moment,” stressing the fragility of the process and the importance of continued advocacy. efforts.
Porter shared that timelines for legislative action in most states will begin this month, explaining that “in most states this process begins this month.” Additionally, in most states, the legislative session ends quickly. Most states are part-time legislatures. So a lot of this activity will be done very quickly over the next six months.
With part-time legislatures, state legislators meet for relatively short sessions, often only a few months in length. This compressed timeline means that any proposal on the table faces a concentrated period of discussion, negotiation and voting, providing limited chances of success or failure.
Porter described these deadlines as a “forced action mechanism,” saying, “The benefit of working at the state level is that there are fast and hard deadlines. The bill either sinks or swims very quickly.” He said that by the summer, many states will have adopted A strategic reserve of Bitcoin or not, given the short and crucial nature of the legislative session in those specific jurisdictions.
However, Porter also noted that not all states are operating under the same time constraints. Some, such as Ohio and Pennsylvania, have year-round legislatures, meaning there is more time to advance legislative measures or amend proposals. Although these extended courses are more flexible, they can delay the final result.
Porter noted that multi-state efforts deliberately take these differences into account by simultaneously working on identical or nearly identical bills, with each state legislature proceeding at its own pace. He suggested that this approach “dramatically increases our odds of getting important legislation like the Bitcoin Strategic Reserve across the finish line,” because the success of one bill can build momentum or offer lessons for others.
At press time, Bitcoin was trading at $101,618.
Featured image from YouTube, chart from TradingView.com
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