On Thursday, December 12th, Texas officially filed a bill to set up a strategic Bitcoin reserve in the Texas House of Representatives. The act serves as a testing ground for the U.S. Treasury.
Dennis Porter who helped draft the bill congratulated Giovanni Capriglione and confirmed on X that the official bill has been filed for the Texas Bitcoin Reserve. He also said that the bill was officially introduced live on X spaces.
I can confirm that the state of Texas has filed a bill to officially establish a ‘Strategic Bitcoin Reserve’.
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
— Dennis Porter (@Dennis_Porter_) December 12, 2024
According to a CNBC report, Republican State Representative Giovanni Capriglione announced that the aim of this bill is to make Texas a leader in Bitcoin innovation and improve the state’s financial stability. The bill would allow the state to accept taxes, fees, and donations in Bitcoin.
Capriglione said, “Probably the biggest enemy of our investments is inflation”. Therefore the state will benefit from a strategic bitcoin reserve, and investing in bitcoin.
He stated “I just filed the bill. It’s a bill to be entitled ‘An act relating to the establishment of a bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities'”.
Texas has the most Bitcoin miners in the country
Texas is the second-largest economy in the U.S. and the eighth-largest in the world. It also has the most Bitcoin miners in the country. There is a hope that miners will someday start paying their taxes with Bitcoin. However, the bill does not include a strategy for purchasing Bitcoin.
Capriglione says he wants “to make this bill as big and broad as possible”. The first step provides flexibility. Capriglione is hopeful that with more legislators’ support, the bill will be stronger.
Since the election, support for a national bitcoin reserve has grown. It is a promise from President-elect Donald Trump. Demands of a reserve have helped push Bitcoin up over 45% as investors are betting on the further increase in its price if the Bitcoin reserve finds a way.
Pennsylvania was the first among the states to introduce Bitcoin reserve in November
Dennis Porter, CEO of the Satoshi Action Fund, shared discussions are ongoing in up to 10 more states and four countries on the same legislation intended to be proposed soon.
Porter has also helped lawmakers in other states with bitcoin laws. These laws include protecting the rights to mine, self custody, run a node, all peer to peer transactions. They have been passed in Oklahoma, Louisiana, Montana, and Arkansas. Satoshi Act Fund has introduced 30 bills, including Pennsylvania’s.
