A bill was introduced in the Texas House of Representatives on Thursday, aiming to establish a strategic bitcoin reserve that could serve as a proving ground for the US Treasury. The proposed bill, which would enable the state to accept taxes, fees, and donations in bitcoin, has been supported by Republican state Rep. Giovanni Capriglione.
The bill’s goal is to strengthen Texas’ fiscal stability and position it as a leader in bitcoin innovation. Capriglione argued that investing in bitcoin could be a win-win for the state, citing inflation as a major threat to investments. The initial proposal does not include a direct bitcoin purchasing strategy.
This move comes as the drumbeat for a national strategic bitcoin reserve has grown louder since President-elect Donald Trump’s crypto-friendly campaign promises. Several states are keen to introduce similar legislation, including Pennsylvania and multiple countries.
While it is unlikely that the US will establish a bitcoin reserve or purchase significant amounts of bitcoin, the idea can be a positive market catalyst, driving excitement and optimism. The Satoshi Action Fund, which worked with Capriglione on the bill, has aided lawmakers in other states on bitcoin-related legislation, introducing 30 bills so far.
Other states such as Oklahoma, Louisiana, Montana, and Arkansas have already passed laws to protect miners’ rights. Trump’s administration has also expressed interest in preserving US-held bitcoin for a national strategic stockpile.
Source: https://www.cnbc.com/2024/12/12/texas-house-introduces-bill-to-establish-a-strategic-bitcoin-reserve.html