On Thursday, the Texas House of Representatives took an important step toward integrating cryptocurrency into the state’s fiscal strategy by introducing a bill aimed at creating a strategic reserve for bitcoin.
The proposal is sponsored by Republican State Representative Giovanni Capriglione legislation It seeks to allow the state to accept taxes, fees, and donations of bitcoin, with the intent of holding those assets for a minimum of five years.
Texas Lawmaker Proposes Strategic Bitcoin Reserve
Capriglione Announce bill during an X Spaces event, focusing on the potential benefits of the Bitcoin Strategic Reserve in enhancing financial stability in Texas and strengthening its position as a leader in Bitcoin innovation.
“Inflation is perhaps the biggest enemy of our investments,” Capriglione said. “The Bitcoin Strategic Reserve, investing in Bitcoin, will be profitable for the country.”
The legislation, titled “An Act Concerning the Establishment of a Bitcoin Reserve Within the Treasury of the State of Texas and the Administration of Cryptocurrencies by Government Entities,” reflects a broader trend of increasing… Institutional interest The leading cryptocurrency on the market.
Currently, Texas boasts the highest concentration of Bitcoin miners in the United States, uniquely positioning the state to benefit from the industry’s offerings. The initial proposal does not include a strategy for purchasing Bitcoin directly but focuses on creating a framework for accepting and managing the cryptocurrency.
Anticipating new regulatory frameworks
Capriglione expressed his ambition for the bill to be expansive and adaptable, saying, “My goal is to make this bill as big and as broad as possible. This initial step is to allow for some optionality and flexibility on this, but if I can get support from other legislators, We will make it stronger.”
Efforts to create a national strategic reserve for Bitcoin gained momentum following the election of President-elect Donald Trump, who expressed pro-crypto sentiments on the campaign trail.
Aside from vocal support, President-elect Trump has already taken steps to support the growth of the digital asset industry, including appointing… Paul Atkins To lead the US Securities and Exchange Commission (SEC), a major departure from Gary Gensler’s stance toward the industry.
Furthermore, the 47th President of the United States has now confirmed that David Sachs, another pro-crypto member of his administration, is the new “crypto czar” in the White House with the aim of bridging the gap between the US Congress, regulators and the government. White House on encryption issues.
However, the anticipation surrounding the creation of such a Bitcoin has increased Reserve In the US, this has helped fuel a notable rise in Bitcoin prices, which have risen more than 45% in recent months as investors speculate on the positive impact of new regulatory frameworks.
Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, Highlight The importance of the Texas initiative, as it says:
Texas’ “Strategic Bitcoin Reserve” legislation allows bitcoin donations from Texas residents to the reserve. We have two Texans on our board of directors, and we are committed to being the first to donate Bitcoin to the Texas Strategic Reserve. We encourage others to donate as well!
Porter also noted that at least ten other states are considering similar legislation, indicating a growing trend toward institutional adoption of cryptocurrencies.
At the time of writing, the market-leading cryptocurrency is trading at $99,850, registering a slight decline of 1.1% on the 24-hour time frame.
Featured image of DALL-E, chart from TradingView.com
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