Today, Texas State Representative Giovanni Capriglione officially submitted a Strategic Bitcoin Reserve legislation for the state of Texas during a đť•Ź spaces discussion with Dennis Porter of Satoshi Action Fund, an organization advocating for Bitcoin that collaborates with lawmakers on pro-Bitcoin policies.
In summary, the legislation would essentially:
- Acquire and retain bitcoin as a strategic reserve asset.
- Safely store the BTC in cold storage for a minimum of five years.
- Permit Texas residents to contribute bitcoin to the reserve.
- Guarantee transparency through annual reports and audits.
- Enable state agencies to accept cryptocurrencies and convert them into bitcoin.
- Set forth guidelines for security, contributions, and administration.
“This Act takes effect right away if it secures a 12 vote of two-thirds of all the members elected to each chamber, as 13 specified by Section 39, Article III, Texas Constitution,” the bill states. “Should this Act 14 fail to gain the necessary vote for immediate enforcement, this Act 15 will become effective on September 1, 2025.”
This represents yet another advancement toward the United States adopting Bitcoin, driven by President-elect Donald Trump and Senator Cynthia Lummis’ initiative of introducing a Strategic Bitcoin Reserve proposal for the United States earlier this year. The excitement surrounding the establishment of a Strategic Bitcoin Reserve has prompted a chain reaction of other states and nations proposing legislation to establish one as well. Other states such as Pennsylvania and nations like Russia, Brazil, and Poland are among those advancing bills for a Strategic Bitcoin Reserve.
“Chairman Capriglione is the Chair of the Texas Pensions, Investments, and Financial Services Committee, so this bill has strong potential!” remarked Lee Bratcher, President of the Texas Blockchain Council. “No taxpayer money will be utilized for the bitcoin.”