Dennis Porter, CEO and co-founder of the Satoshi Law Fund, has announced that ten US states are set to introduce legislation to establish a state-level Strategic bitcoin Reserve (SBR). Notably, the Satoshi Act Fund was instrumental in Pennsylvania's first introduction of the bitcoin Strategic Reserve Act, which allows the state to invest up to 10% of its funds in btc.
Ten US States Prepare to Establish Strategic bitcoin Reserve
“I can now officially confirm and announce that 10 states will be introducing 'Strategic bitcoin Reserves' legislation here in the great United States of America,” Porter. <a target="_blank" href="https://x.com/Dennis_Porter_” target=”_blank” rel=”noopener nofollow”>declared via x on December 3rd. “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 several states and called for financial support. “Passing laws in 10 states will require a lot of travel,” he said. “We can pass bills if we have the funds. This is where you can help.” He directed his followers to the fundraising page at donorbox.org/500kmatch, announcing a 60-day goal to raise $500,000, with the first $50,000 to be matched.
The Satoshi Law Fund fundraising campaign aims to achieve several key objectives. These include establishing SBRs in several states, passing btc rights legislation that guarantees the right to mine, self-custody and manage a node, and ending “Operation Chokepoint 2.0”, which involves the removal of banking services of btc related companies. The non-profit organization states that “governments will purchase bitcoin in the US in less than six months” as part of this initiative.
Porter emphasized the organization's track record to reinforce confidence in its mission. The Satoshi Law Fund has already passed four bills in four different states, was the first to introduce SBR legislation, and has introduced more than 30 bills in more than 20 states. They also sent 200,000 letters to legislators across the country and provided more than 20 testimonies at public hearings defending btc.
Additionally, Porter announced an upcoming announcement with US Senator Cynthia Lummis, who introduced the bitcoin Act of 2024, which aims to establish a federal SBR by purchasing 1 million btc over five years. “In less than 48 hours, I will join US Senator Cynthia Lummis to share an important update on the progress of the bitcoin Strategic Reserves. “bitcoin is winning in the US,” he wrote on x. The event is scheduled as x Space tomorrow at 4 pm EST.
<blockquote class="twitter-tweet”>
₿MASS REAKING: I can confirm that in less than 48 hours I will be joining the US Senator. <a target="_blank" href="https://twitter.com/CynthiaMLummis?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>@CynthiaMLummis to share an important update on the progress of 'bitcoin Strategic Reserves'.
bitcoin is winning in the United States. https://t.co/iIylERPnky
—Dennis Porter (@Dennis_Porter_) <a target="_blank" href="https://twitter.com/Dennis_Porter_/status/1863743226898944282?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>December 3, 2024
Expressing a sense of urgency and competence, Porter compared his efforts to those of President-elect Donald Trump, who promised to establish an SBR at the bitcoin 2024 conference in Nashville earlier this year. “I am convinced that I will pass SBR legislation at the state level before Donald Trump. The only way to win is if you enact an executive order your first week in office. The race has begun. “Let the game theory begin,” he said.
At the time of publication, btc was trading at $95,375.
Featured image created with DALL.E, chart from TradingView.com
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