Today, Texas State Representative Giovanni Capriglione officially submitted for a Strategic Bitcoin Reserve Bill for the State of Texas during a π spaces with Dennis Porter of Satoshi Action Fund, a Bitcoin advocacy group that works with politicians on pro-Bitcoin legislation.
In summary, the bill would essentially:
- Think of Texas buying and holding bitcoin as a strategic reserve.
- Store the BTC safely in cold storage for at least five years.
- Let Texas residents donate bitcoin to the reservation.
- Ensure transparency through annual reports and audits.
- Allow government agencies to accept cryptocurrencies and convert them into bitcoin.
- Set rules for security, donations and management.
βThis law shall become effective immediately upon receiving twelve votes of two-thirds of all elected members in each house, as provided in Section 39, Article III, Texas Constitution,β the legislation reads. βIf this Act 14 does not receive the vote necessary for immediate enactment, this Act 15 will become effective on September 1, 2025.β
This is another step towards America embracing Bitcoin, fueled by newly elected President Donald Trump and Senator Cynthia Lummis. introduce a Strategic Bitcoin Reserve Bill for the United States earlier this year. The hype surrounding the implementation of a Strategic Bitcoin Reserve has caused a snowball effect with other states and countries introducing legislation to adopt one as well. Other states like Pennsylvania and countries like Russia and Brazil are among those proposing bills for a strategic Bitcoin reserve.
βChairman Capriglione is chairman of the Texas Pensions, Investments, and Financial Services Committee, so this bill has legs!β commented Lee Bratcher, chairman of the Texas Blockchain Council. βNo tax money will be spent on bitcoin.β