Today, Texas State Representative Giovanni Capriglione officiates foot For the Texas Strategic Bitcoin Reserve Act during π spaces With Dennis Porter of Satoshi Action Fund, a pro-bitcoin organization that works with politicians on pro-bitcoin legislation.
To summarize, the bill would:
- Watch Buy Texas and Hold Bitcoin as a Strategic Reserve Asset.
- Store BTC securely in cold storage for at least five years.
- Allowing Texas residents to donate Bitcoin to the reservation.
- Ensure transparency through annual reports and audits.
- Allowing state agencies to accept cryptocurrencies and convert them to Bitcoin.
- Establish rules for security, donations and administration.
βThis law shall take effect immediately if it receives 12 votes of two-thirds of all members elected in each house, as provided in Section 39 of Article III of the Texas Constitution,β the legislation states. βIf this Law No. 14 does not receive the necessary vote for immediate implementation, this Law No. 15 will enter into force on September 1, 2025.β
This is another step toward America’s embrace of Bitcoin, fueled by President-elect Donald Trump and the leadership of Senator Cynthia Lummis. presentation The US Strategic Bitcoin Reserve Act was introduced earlier this year. The hype around implementing a Bitcoin Strategic Reserve has caused a snowball effect in other states and countries introducing legislation to adopt one as well. Other states like Pennsylvania and countries like Russia and Brazil are among the countries filing bills to create a strategic bitcoin reserve.
βChairman Capriglione is Chairman of the Texas Pension, Investments and Financial Services Committee, so this bill has legs!β Comment Lee Bratcher, President of the Texas Blockchain Council. βTaxpayers’ money will not be spent on Bitcoin.β
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