Pierre Rochard van Riot Platforms, Pierre Rochard, testified yesterday before the Texas Senate Committee on Business and Commerce to support Senate Bill 21, who would set up a Bitcoin reserve of the state.
His testimony on 18 February described the role of the proposal in strengthening the state finances in the midst of economic uncertainty and emphasized the verifiable ledger and the covered range of Bitcoin as important attributes that distinguish the distinguishing of other digital assets.
Rochard, who emphasized how he wrote extensively on Bitcoin and contributed to open-source projects since his graduated studies at the University of Texas in Austin in 2012, explained that a state reserve would serve as a cover against future decline.
Rochard noted that Bitcoin’s Open-Source Code and independently verifiable monetary policy make full audibility, in contrast to the issue process-justifying public mining with the discretionary issue models of other cryptocurrencies such as “ETH or XRP.”
He also explained self-herb and the power of multi-sig portfolios in decentralizing and democratizing wealth storage with the help of Bitcoin.
In his comments, he emphasized that the finite offer of Bitcoin-Fewer than 21 million coins will ever be issued and tenders to keep their coins in the long term, contributes to the potential as a non-dilutive active For public balance.
Texas Bitcoin Reserve legislation
The proposed legislation eliminates the previous annual cap at $ 500 million on Bitcoin acquisitions, giving state officials a greater flexibility to adjust the investment levels in response to market conditions. SB 21 also allows investments in other digital assets if they retain an average market capitalization of 12 months above $ 500 billion-one threshold that is currently applicable only to Bitcoin.
According to the legislative documents, the Texas Comptroller office would supervise the reserve, with cold storage and regular audits to maintain a safe and transparent system.
Legislative supporters, including Lieutenant -Governor Dan Patrick, have made the bill a priority and claim that state resources would diversify and stimulate local economies.
In areas such as Milam County, where the Rockdale facility of Riot is based, Rochard has argued that mining facilities have become important local employers and an important contribution to the financing of the public school through increased sales tax. These factors are considered critical in strengthening the economic resilience and offering a counterbalance for possible federal tax pressure.
Arguments for and against a Texas Bitcoin -Reserve
Rochard emphasized the built -in supervisory mechanisms of legislation and claimed that robust management protocols and regular audits would reduce these risks. His comments were the reserve as a tactical financial security and also as a strategic step to improve the autonomy of the state in managing its tax future.
The bill also represents a broader trend among states that re -evaluate their approach to digital assets with a war box that exceeds $ 23 billion. Texas would become a member of various other states who investigate legislative measures that are aimed at integrating cryptocurrencies in strategies for public finances.
Proponents claim that such measures can reduce dependence on traditional financial institutions, whose credibility has been undermined by the past in transparency and accountability. By using the decentralized design and unchanging ledger from Bitcoin, the laws claim that a state reserve could serve as a reliable financial counterbalance.
Rochard’s testimony ultimately strengthened the idea that, although Bitcoin entails inherent market risks, unique properties offer a strong case for the inclusion in the tax planning of the state. The Texas Senate Committee is planned to vote on the measure in March 2025.