{"id":6032,"date":"2024-12-12T18:40:33","date_gmt":"2024-12-12T17:40:33","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=6032"},"modified":"2024-12-12T18:40:33","modified_gmt":"2024-12-12T17:40:33","slug":"texas-lawmaker-proposes-establishment-of-a-strategic-bitcoin-reserve","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2024\/12\/12\/texas-lawmaker-proposes-establishment-of-a-strategic-bitcoin-reserve\/","title":{"rendered":"Texas Lawmaker Proposes Establishment of a Strategic Bitcoin Reserve"},"content":{"rendered":"<p><\/p>\n<figure><figcaption>\n<p><a href=\"https:\/\/x.com\/NikolausHoff\">Engage with Nikolaus On &amp;Xopf; Here For Daily Updates<\/a><\/p>\n<\/figcaption><\/figure>\n<p>Today, Texas State Representative Giovanni Capriglione officially <a href=\"https:\/\/capitol.texas.gov\/tlodocs\/89R\/billtext\/pdf\/HB01598I.pdf#navpanes=0\">submitted<\/a> a Strategic Bitcoin Reserve legislation for the state of Texas during a <a href=\"https:\/\/x.com\/Dennis_Porter_\/status\/1867238284071776634\">\ud835\udd4f spaces<\/a> discussion with Dennis Porter of Satoshi Action Fund, an organization advocating for Bitcoin that collaborates with lawmakers on pro-Bitcoin policies.<\/p>\n<figure>\n<p>                        <img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/.image\/c_fit%2Ch_800%2Cw_1200\/MjExMzQ5ODYyNjczODE5NjM2\/screenshot-2024-12-12-at-102316am.png\" height=\"800\" width=\"895\"><\/p>\n<\/figure>\n<p>In summary, the legislation would essentially:<\/p>\n<ul>\n<li>Acquire and retain bitcoin as a strategic reserve asset.<\/li>\n<li>Safely store the BTC in cold storage for a minimum of five years.<\/li>\n<li>Permit Texas residents to contribute bitcoin to the reserve.<\/li>\n<li>Guarantee transparency through annual reports and audits. <\/li>\n<li>Enable state agencies to accept cryptocurrencies and convert them into bitcoin. <\/li>\n<li>Set forth guidelines for security, contributions, and administration.<\/li>\n<\/ul>\n<p>\u201cThis 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,\u201d the bill states. \u201cShould this Act 14 fail to gain the necessary vote for immediate enforcement, this Act 15 will become effective on September 1, 2025.\u201d<\/p>\n<p>This represents yet another advancement toward the United States adopting Bitcoin, driven by President-elect Donald Trump and Senator Cynthia Lummis\u2019 initiative of <a href=\"https:\/\/youtu.be\/_Ou_oxWsCcc?si=exltUhE9kSfzO6Yf\">introducing<\/a> 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.<\/p>\n<p>\u201cChairman Capriglione is the Chair of the Texas Pensions, Investments, and Financial Services Committee, so this bill has strong potential!\u201d <a href=\"https:\/\/x.com\/lee_bratcher\/status\/1867248928045027761\">remarked<\/a> Lee Bratcher, President of the Texas Blockchain Council. \u201cNo taxpayer money will be utilized for the bitcoin.\u201d<\/p>\n<p><br \/>\n<br \/><a href=\"https:\/\/bitcoinmagazine.com\/politics\/texas-state-rep-files-for-strategic-bitcoin-reserve\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Engage with Nikolaus On &amp;Xopf; Here For Daily Updates Today, Texas State Representative Giovanni Capriglione officially submitted a Strategic Bitcoin Reserve legislation for the state of Texas during a \ud835\udd4f 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<\/p>\n","protected":false},"author":3,"featured_media":6033,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[402],"class_list":["post-6032","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-texas-state-rep-files-for-strategic-bitcoin-reserve-gpt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Texas Lawmaker Proposes Establishment of a Strategic Bitcoin Reserve - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2024\/12\/12\/texas-lawmaker-proposes-establishment-of-a-strategic-bitcoin-reserve\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Texas Lawmaker Proposes Establishment of a Strategic Bitcoin Reserve - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"Engage with Nikolaus On &amp;Xopf; Here For Daily Updates Today, Texas State Representative Giovanni Capriglione officially submitted a Strategic Bitcoin Reserve legislation for the state of Texas during a \ud835\udd4f spaces discussion with Dennis Porter of Satoshi Action Fund, an organization advocating for Bitcoin that collaborates with lawmakers on pro-Bitcoin policies. 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