Texas State Representative Giovanni Capriglione has introduced a bill to establish a Strategic Bitcoin Reserve for the state.
The announcement was made during a discussion on Spaces hosted by Dennis Porter of the Satoshi Action Fund, an organization focused on Bitcoin policy advocacy.
Key provisions of the bill include:
- Acquiring Bitcoin as a reserve asset.
- Storing the Bitcoin in cold storage for a minimum of five years.
- Allowing residents to contribute Bitcoin donations.
- Ensuring transparency through annual reports and audits.
- Permitting state agencies to accept cryptocurrencies and convert them into Bitcoin.
- Establishing guidelines for security and reserve management.
The bill specifies that it will take effect immediately if passed with a two-thirds majority in both legislative houses; otherwise, it will become effective on September 1st, 2025.
This proposal aligns with broader interest in Bitcoin reserves in the U.S. and globally. Earlier this year, a similar federal Strategic Bitcoin Reserve bill was introduced by Senator Cynthia Lummis.
Other states, such as Pennsylvania, and countries including Russia and Brazil, have also put forth similar initiatives.
Lee Bratcher, President of the Texas Blockchain Council, expressed support for the proposal, highlighting Representative Capriglione’s leadership role and noting that the plan does not involve taxpayer funding.
TEXAS files a Bitcoin Strategic Reserve bill! Congratulations to Chairman @VoteGiovanni, the bill author! Chairman Capriglione is the Chair of the Texas Pensions, Investments, and Financial Services Committee so this bill has legs! No taxpayer funds will be spent on the bitcoin. pic.twitter.com/DOPGMyDKMs
— Lee ₿ratcher (@lee_bratcher) December 12, 2024
The bill’s progress will depend on legislative deliberation and public feedback, as its implications for Texas’s financial strategy and digital asset policy come under consideration.