- Texas and Oklahoma have introduced bills to create Bitcoin reserves as strategic assets.
- Global interest in Bitcoin reserves is growing, with countries like Switzerland and Russia exploring adoption.
As Donald Trump’s victory as the 47th US president builds anticipation, discussions about his promise to establish a Bitcoin platform are intensifying. [BTC] Strategic reserve.
Texas and Oklahoma Introduce Bitcoin Reserve Bill
Recent efforts to position Bitcoin as a strategic reserve in the US have gained momentum, especially with the introduction of new bills in Texas and Oklahoma.
Senator Charles Schwertner of Texas turned to X (formerly Twitter) to comment on the issue, stating:
Source: Charles Schwertner/X
For perspective, Texas offers a favorable environment for cryptocurrency activities, including mining operations. It offers tax exemptions for data centers and mining companies.
Although cryptocurrency transactions are not taxed at the state level, they are subject to federal tax. Senator Schwertner stated that the proposal would “put our state at the forefront of the digital economy, boosting growth and securing economic freedom for our great state.”
How it would work?
The bill proposes to establish a fund outside of Texas general revenue to hold BTC as an asset. It is also intended to allocate funds to purchase more BTC for the reserve.
Additionally, the legislation allows residents to donate Bitcoin, promoting “shared ownership and community investment in the future of this state.”
The bill proposes storing BTC in a cold store with strict security measures and regular audits for transparency.
Interestingly, this is the second proposal in weeks for a Bitcoin Strategic Reserve in Texas. It follows the introduction of a similar plan by Representative Giovanni Capriglione in December 2024.
In addition to Texas, Oklahoma is also joining the battle…
At the same time, so has Oklahoma State Representative Cody Maynard introduced House Bill 1203, also known as the Strategic Bitcoin Reserve Act, continues the initiative.
The bill noted,
“Bitcoin represents freedom from bureaucrats who squeeze away our purchasing power. As a decentralized form of money, Bitcoin cannot be manipulated or created by government agencies. It is the ultimate store of value for those who believe in financial freedom and sound money principles.”
It further allows “any state pension fund” to hold digital assets in secure custody solutions, with the option to use a qualified custodian, and even allows investments through exchange-traded products (ETPs).
For those unfamiliar, Oklahoma recently passed laws protecting Bitcoin rights, allowing employees to receive Bitcoin payments and suppliers to accept Bitcoin.
The state also introduced the Strategic Bitcoin Reserve Act, which allows sovereign wealth funds to invest in Bitcoin, up to a maximum of 10% of the fund value.
While cryptocurrency taxation remains unclear, the legislation signals a favorable attitude toward crypto operations, including mining.
Other countries are following in America’s footsteps
Texas in particular has become a hub for crypto activities, offering tax exemptions for mining activities and attracting data centers with its favorable policies.
Meanwhile, Oklahoma has passed legislation that promotes Bitcoin adoption, such as the Strategic Bitcoin Reserve Act, which allows state funds to invest in Bitcoin.
Internationally, Switzerland, Vancouver, Ohio, China and Russia are exploring integrating Bitcoin into their financial reserves, signaling a growing global trend.
However, with Polyamarket facts Indicating that only 36% believe Trump will build a Bitcoin reserve in his first 100 days, the future of Bitcoin reserves in the US remains uncertain.