Texas Lawmaker Proposes Bill To Establish Strategic Bitcoin Reserve
Authored by Turner Wright via CoinTelegraph.com,
A lawmaker in the Texas House of Representatives has drafted legislation to create a Bitcoin reserve as part of the state’s treasury.
In a bill tentatively named the “Texas Strategic Bitcoin Reserve Act” filed with the state government on Dec. 12, Representative Giovanni Capriglione proposed the comptroller hold Bitcoin as a reserve asset for “at least five years.”
The legislation suggested that Texas residents or “governmental entities” could voluntarily donate their BTC to the reserve, but, in contrast to proposals about national Bitcoin reserves, did not mention any crypto potentially seized by authorities.
Draft of strategic Bitcoin reserve bill. Source: Texas legislature
“No taxpayer funds will be spent on buying Bitcoin in order to maximize the chances of the bill passing,” said the crypto advocacy group Texas Blockchain Council.
“The Bitcoin will come from donations from Texans, US-based companies, and other sources of existing state resources.”
According to the text of the draft HB 1598, it would require a two-thirds majority in the Texas Senate and House to pass.
The state legislature is not scheduled to return until the start of its 89th regular session on Jan. 14.
Similar proposals for BTC reserves in Alabama and Pennsylvania
The Texas legislation followed bills proposed or introduced in different US states after the 2024 United States elections, which resulted in Republicans winning the presidency and a majority in the House and Senate.
Donald Trump promised to explore establishing a “strategic national Bitcoin stockpile” during his presidential campaign.
A Republican lawmaker in Pennsylvania was one of the first to introduce a bill for a BTC reserve modeled after a proposal from the advocacy group Satoshi Action Fund.
The group’s co-founder, Dennis Porter, suggested the same framework was used in the Texas legislation.
Tyler Durden Fri, 12/13/2024 – 14:25
Source: https://freedombunker.com/2024/12/13/texas-lawmaker-proposes-bill-to-establish-strategic-bitcoin-reserve/
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