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Today, Texas State Representative Giovanni Capriglione officially introduced a Bitcoin Strategic Reserve bill for the state of Texas during a đť•Ź space with Dennis Porter of the Satoshi Action Fund, a Bitcoin advocacy organization that works with politicians on pro-Bitcoin legislation.
To summarize, the bill effectively:
- See Texas buying and holding bitcoin as a strategic reserve asset.
- Safely store BTC 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 state agencies to accept cryptocurrencies and convert them into bitcoin.
- Establish rules for safety, donations and management.
“This law takes effect immediately if it receives a vote of 12 of two-thirds of all elected members in each house, as provided in Section 39, Article III, Constitution of Texas,” the legislation states. “If this Law 14 does not receive the necessary vote to take effect immediately, this Law 15 will take effect on September 1, 2025.”
This is another step towards America’s adoption of Bitcoin, fueled by President-elect Donald Trump and Senator Cynthia Lummis’ initiative introducing a US Bitcoin strategic reserve bill earlier this year. The enthusiasm for implementing a strategic Bitcoin reserve has caused a snowball effect of other states and countries introducing legislation to adopt one. Other states like Pennsylvania and countries like Russia and Brazil are among those introducing bills for a strategic Bitcoin reserve.
“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 funds will be spent on bitcoin.”