Texas State Representative Giovanni Capriglione made a significant move today by officially filing a Strategic Bitcoin Reserve bill for the state of Texas. This bold initiative was announced during a 𝕏 spaces event with Dennis Porter from Satoshi Action Fund, a Bitcoin advocacy organization that works closely with politicians to push pro-Bitcoin legislation.
The proposed bill outlines several key points that would shape how Texas approaches Bitcoin as a strategic asset. Firstly, it would involve the state purchasing and holding Bitcoin as part of its reserve. The BTC would be securely stored in cold storage for a minimum of five years, ensuring its safety and stability. Additionally, Texas residents would have the option to donate Bitcoin to the reserve, further bolstering its holdings.
Transparency is a crucial aspect of the bill, with provisions for yearly reports and audits to ensure accountability. State agencies would also be allowed to accept cryptocurrencies and convert them to Bitcoin, expanding the reach of the strategic reserve. The bill establishes clear rules for security, donations, and overall management of the Bitcoin holdings.
The legislation outlines that the Act would come into effect immediately if it receives a two-thirds majority vote from all members of the house. If this threshold is not met, the Act would take effect on September 1, 2025. This timeline underscores the importance of swift action in embracing Bitcoin as a strategic asset for the state of Texas.
This move by Representative Capriglione follows in the footsteps of President-elect Donald Trump and Senator Cynthia Lummis, who introduced a Strategic Bitcoin Reserve bill for the United States earlier this year. The momentum around implementing such reserves has had a ripple effect, with other states like Pennsylvania and countries like Russia and Brazil also considering similar legislation.
Lee Bratcher, President of the Texas Blockchain Council, expressed optimism about the bill, highlighting Chairman Capriglione’s position as the Chair of the Texas Pensions, Investments, and Financial Services Committee. He also clarified that no taxpayer funds would be used to acquire Bitcoin for the strategic reserve, emphasizing the self-sustaining nature of the initiative.
Overall, the Strategic Bitcoin Reserve bill for Texas represents a significant step towards integrating Bitcoin into the state’s financial framework. By embracing this innovative asset, Texas is positioning itself at the forefront of the digital currency revolution, setting a precedent for other states and countries to follow suit.