Official today is Texas State Representative Giovanni Capriglione filed for a Bitcoin strategic reserve bill for the state of Texas during a π Space with Dennis Porter of the Satoshi Action Fund, a Bitcoin advocacy organization that works with politicians on pro-Bitcoin legislation.
In summary, the bill would effectively mean the following:
- See how Texas is buying and holding Bitcoin as a strategic reserve asset.
- Store the BTC safely in cold storage for at least five years.
- Allow Texas residents to donate Bitcoin to the reserve.
- Ensure transparency through annual reports and audits.
- Allow government entities to accept cryptocurrencies and convert them into Bitcoin.
- Set rules for security, donations and administration.
βThis bill shall become effective immediately upon receipt of a 12 vote of two-thirds of all members elected to each house, as provided for in Section 39, Article III of the Texas Constitution,β the legislation states. βIf this Act 14 does not receive the vote necessary to become effective immediately, this Act 15 will take effect on September 1, 2025.β
This is another step toward America’s acceptance of Bitcoin, driven by the leadership of President-elect Donald Trump and Senator Cynthia Lummis introduce a Bitcoin strategic reserve bill for the United States earlier this year. The hype surrounding the introduction of a strategic Bitcoin reserve has sparked a snowball effect, with other states and countries also introducing legislation to introduce one. Other states like Pennsylvania and countries like Russia and Brazil, among others, are introducing draft laws for a strategic Bitcoin reserve.
βChairman Capriglione is the chairman of the Texas Pensions, Investments, and Financial Services Committee, so this bill has legs!β commented Lee Bratcher, President of the Texas Blockchain Council. βNo tax money is spent on Bitcoin.β
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