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Today, Texas State Representative Giovanni Capriglione officially introduced the Strategic Bitcoin Reserve bill for the state of Texas during a press conference with Dennis Porter of the Satoshi Action Fund, a Bitcoin advocacy organization that works with politicians on Bitcoin legislation.
To summarize, the bill would effectively:
- See Texas buy and hold bitcoin as a strategic asset.
- Safely store BTC in cold storage for at least five years.
- Allow Texas residents to donate bitcoin to the repository.
- Ensure transparency through annual reports and audits.
- Allow government agencies to accept cryptocurrencies, and convert them to bitcoin.
- Establish rules for safety, contributions, and administration.
“This Act takes effect immediately upon receiving 12 votes of two-thirds of all members elected in each house, as 13 is provided by Article 39, Section III, of the Texas Constitution,” the law said. “If Act 14 does not receive the necessary vote to take effect immediately, Act 15 will take effect on September 1, 2025.”
This is yet another step towards America’s adoption of Bitcoin, inspired by President-elect Donald Trump and Senator Cynthia Lummis to take the lead by introducing the United States’ Strategic Bitcoin Reserve bill earlier this year. The hype about using a Strategic Bitcoin Reserve has caused a snowball effect with other states and countries introducing legislation to accept one as well. Some states like Pennsylvania and countries like Russia and Brazil are among those introducing Strategic Bitcoin Reserve bills.
“Chairman Capriglione is the Chairman of the Texas Pensions, Investments, and Financial Services Committee so this bill has legs!” commented Lee Bratcher, President of the Texas Blockchain Council. “No taxpayer money will be spent on bitcoin.”
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