Texas State Representative Calls for Strategic Bitcoin Reserve

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Today, Texas State Representative Giovanni Capriglione officially announced filed for a bitcoin Strategic Reserve bill for the state of Texas during a <a target="_blank" href="https://x.com/Dennis_Porter_/status/1867238284071776634″>𝕏 spaces with Dennis Porter of Satoshi Action Fund, a bitcoin advocacy organization working with politicians on pro-bitcoin legislation.

In summary, the bill effectively:

Watch Texas buy and hold bitcoin as a strategic reserve asset.
Safely store btc in a cold storage room for at least five years.
Allow Texas residents to donate bitcoins to the reserve.
Ensure transparency through annual reports and audits.
Allow state agencies to accept cryptocurrencies and convert them to bitcoin.
Establish security, donation and management rules.

“This Act takes effect immediately upon receiving a two-thirds vote of all members elected to each chamber, as provided in Section 39, Article III, of the Texas Constitution,” the legislation states. “If this Law 14 does not receive the necessary vote for its immediate effect, this Law 15 will enter into force on September 1, 2025.”

This is another step toward US adoption of bitcoin, driven by the leadership of President-elect Donald Trump and Senator Cynthia Lummis. presenting a bitcoin Strategic Reserve bill for the United States earlier this year. The hype surrounding the implementation of a bitcoin Strategic Reserve has caused a snowball effect in which other states and countries have also introduced legislation to adopt one. Other states like Pennsylvania and countries like Russia and Brazil are among those introducing bills for a Strategic bitcoin Reserve.

“Chairman Capriglione is the chair of the Texas Committee on Pensions, Investments and Financial Services, so this bill has merit!” <a target="_blank" href="https://x.com/lee_bratcher/status/1867248928045027761″>commented Lee Bratcher, president of the Texas Blockchain Council. “No taxpayer funds will be spent on bitcoin.”