Dennis Porter, CEO and co-founder of the Satoshi Act Fund, has announced that ten US states are about to introduce legislation to establish a state-level Strategic Bitcoin Reserve (SBR). The Satoshi Act Fund in particular played an important role in this Pennsylvania’s very first introduction of the Bitcoin Strategic Reserve Act, which allows the state to invest up to 10% of its money in BTC.
10 US states plan to establish a strategic Bitcoin reserve
“I can now officially confirm and announce that 10 states here in the great United States of America will be enacting ‘Strategic Bitcoin Reserves’ legislation,” says Porter. declared via X on December 3. “We are going to win with Bitcoin. We will lead the world. No one will come close. The world will follow our example.”
Porter highlighted the logistical challenges of passing such legislation in multiple states and called for financial support. “Passing laws in 10 states will require a lot of travel,” he noted. “We can take bills if we have the money. This is where you can help.” He directed supporters to the fundraising page at donorbox.org/500kmatch and announced a 60-day goal to raise $500,000, with the first $50,000 matched.
The Satoshi Act Fund’s fundraising campaign aims to achieve several key objectives. These include setting up SBRs in multiple states, passing BTC rights legislation that guarantees the right to mine, self-custody, and run a node, and ending “Operation Chokepoint 2.0,” which involves banning the banks of BTC-related companies debanked. The non-profit organization claims that “governments will buy Bitcoin in the US within six months” as part of this initiative.
Porter highlighted the organization’s track record of building confidence in their mission. The Satoshi Act Fund has already passed four bills in four different states, was the first to introduce SBR legislation, and has introduced more than thirty bills in more than twenty states. They have also sent 200,000 letters to lawmakers across the country and provided more than 20 testimonies at public hearings advocating for BTC.
Additionally, Porter announced an upcoming announcement with U.S. Senator Cynthia Lummis introduced the Bitcoin Act of 2024, which aims to establish a federal SBR by purchasing 1 million BTC over five years. “Within 48 hours, I will join U.S. Senator Cynthia Lummis to provide an important update on the progress of strategic Bitcoin reserves. Bitcoin Wins in the US,” he wrote on X. The event is scheduled for tomorrow at 4pm EST as X Space.
HUGE REACTION: I can confirm that I will be joining the U.S. Senator within 48 hours @CynthiaMLummis to share an important update on the progress of ‘Strategic Bitcoin Reserves’.
Bitcoin Gains in the US 🇺🇸 https://t.co/iIylERPnky
— Dennis Porter (@Dennis_Porter_) December 3, 2024
Porter expressed a sense of urgency and competition, comparing his efforts to those of newly elected President Donald Trump, who has promised to establish an SBR at the Bitcoin 2024 conference in Nashville earlier this year. “I am confident that I will pass SBR legislation at the state level before Donald Trump. The only way he wins is if he issues an executive order in his first week in office. The race has started. Let the game theory begin,” he said.
At the time of writing, BTC was trading at $95,375.
Featured image created with DALL.E, chart from TradingView.com