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Texas House Unveils Bill To Create a Strategic Bitcoin Reserve

Ronaldo Marquez
by Ronaldo Marquez
9 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Thursday, the Texas House of Representatives took a significant step toward integrating cryptocurrency into state financial strategy by introducing a bill aimed at establishing a strategic Bitcoin reserve. 

Sponsored by Republican state Representative Giovanni Capriglione, the proposed legislation seeks to allow the state to accept taxes, fees, and donations in Bitcoin, with the intention of holding these assets for a minimum of five years. 

Texas Legislator Proposes Strategic Bitcoin Reserve

Capriglione announced the bill during an X Spaces event, emphasizing the potential benefits of a strategic Bitcoin reserve in bolstering Texas’s fiscal stability and reinforcing its status as a leader in Bitcoin innovation. 

“Probably the biggest enemy of our investments is inflation,” Capriglione stated. “A strategic bitcoin reserve, investing in bitcoin, would be a win-win for the state.”

Related Reading: FTX Bankruptcy Update: Debtors Successfully Reclaim $15 Million In Political Donations

The legislation, titled “An Act Relating to the Establishment of a Bitcoin Reserve within the State Treasury of Texas and the Management of Cryptocurrencies by Governmental Entities,” reflects a broader trend of increasing institutional interest in the market’s leading cryptocurrency. 

Currently, Texas boasts the highest concentration of BTC miners in the United States, positioning the state uniquely to leverage the industry’s offerings. The initial proposal does not include a strategy for direct Bitcoin purchases but focuses on creating a framework for accepting and managing cryptocurrency. 

Anticipation Of New Regulatory Frameworks

Capriglione expressed his ambition for the bill to be expansive and adaptable, stating, “My goal is to make this bill as big and as broad as possible. This initial step is to allow some optionality and flexibility on it, but if I am able to get support from other legislators, we will make it even stronger.”

The push for a national strategic BTC reserve has gained momentum following the election of President-elect Donald Trump, who has expressed pro-crypto sentiments in his campaign. 

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 significant departure from Gary Gensler’s stance toward the industry. 

Furthermore, the now-47th President of the United States has confirmed David Sacks, another pro-crypto member of his administration, as the new White House “Crypto Czar” with the goal of bridging the gap between the US Congress, regulators, and the White House on crypto issues.

Related Reading: XRP Price To $18.22: ABC Wave Breakout Signals Next Phase Of The Bull Run

However, the anticipation surrounding the establishment of such a Bitcoin reserve in the US has helped fuel a remarkable rally in BTC prices, which have surged over 45% in recent months as investors speculate on the positive impact of new regulatory frameworks.

Dennis Porter, CEO and co-founder of the Satoshi Action Fund, highlighted the significance of the Texas initiative, stating: 

The ‘Strategic Bitcoin Reserve’ legislation in Texas allows for Bitcoin donations from Texans to the reserve. We have two Texans on our board, and we commit to being the very first to donate Bitcoin to the Strategic Reserve in Texas. We encourage others to donate as well!” 

Porter also noted that at least ten other states are reportedly considering similar legislation, indicating a growing trend towards institutional adoption of cryptocurrency.

Bitcoin
The daily chart shows BTC’s price losing the $100,000 mark once again on Thursday. Source: BTCUSDT on TradingView.com

At the time of writing, the market’s leading crypto is trading at $99,850, recording a slight 1.1% decrease in the 24-hour time frame. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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