Key Takeaways:
- Texas Bitcoin Reserve Proposal: A bill filed by Rep. Giovanni Capriglione seeks to establish a Bitcoin reserve for Texas’s state treasury, relying on voluntary donations instead of taxpayer funds.
- Legislative Process: The bill requires a two-thirds majority in the Texas Senate and House and will be debated in the upcoming legislative session starting Jan. 14.
- National Context: The initiative aligns with similar efforts nationwide, inspired by proposals for strategic Bitcoin reserves at state and federal levels.
A Texas lawmaker, Representative Giovanni Capriglione, has proposed the “Texas Strategic Bitcoin Reserve Act,” a draft bill to integrate Bitcoin (BTC) into the state’s treasury as a reserve asset for at least five years.
Introduced on December 12, the bill seeks to establish a Bitcoin reserve through voluntary donations from Texas residents, businesses, and other sources, avoiding taxpayer funding or seized crypto assets.
I can confirm that the state of Texas has filed a bill to officially establish a ‘Strategic Bitcoin Reserve’.
— Dennis Porter (@Dennis_Porter_) December 12, 2024
History was made as this was the first time a bill was filed live on X Spaces.
Congrats to @VoteGiovanni for his leadership on Bitcoin. pic.twitter.com/uorZoRgXsC
The initiative, supported by the Texas Blockchain Council, aims to boost the bill’s chances of approval without incurring public expense.
The bill, numbered HB 1598, requires a two-thirds majority vote in both the Texas House and Senate for passage.
However, legislative consideration will not begin until the next regular session starts on January 14, 2025.
The proposal follows similar cryptocurrency-focused efforts in the U.S., including former President Donald Trump’s advocacy for a “strategic national Bitcoin stockpile” and a Pennsylvania bill inspired by the Satoshi Action Fund framework.
If enacted, the legislation could position Texas as a leader in integrating cryptocurrency into public finance, reflecting a growing trend of state and national interest in leveraging Bitcoin for strategic and financial innovation.
This marks a significant step toward broader cryptocurrency adoption in government reserves.
About The Author
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