A member of the Texas House of Representatives just proposed a new legislation that will enable the Lone Star State to establish a strategic Bitcoin (BTC) reserve within its treasury.
Republican state Representative Giovanni Capriglione filed the Texas Strategic Bitcoin Reserve Act on Thursday.
The bill says the strategic Bitcoin reserve aligns with the state’s commitment to fostering innovation in digital assets and enhancing financial security as the flagship cryptocurrency can serve as a hedge against inflation and economic volatility.
If approved, the proposed law will allow Texas residents to voluntarily contribute to the reserve gifts, grants, donations, bequests or devises in BTC. Bitcoin that enters the state’s custody needs to be stored for a minimum of five years before the asset may be transferred, sold, or converted to another crypto asset.
“This fund allows the state to own Bitcoin as a financial asset and for Texans to voluntarily donate Bitcoin to promote a shared ownership and community investment in Texas’s financial future.”
Says Dennis Porter, the CEO and co-founder of crypto-focused nonprofit Satoshi Action Fund,
“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.”
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