A member of the Texas House of Representatives has just proposed new legislation that will allow the Lone Star State to create a strategic Bitcoin (BTC) reserve within its treasury.
Republican state Rep. 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 foster innovation in digital assets and enhance financial security, as the flagship cryptocurrency can serve as a hedge against inflation and economic volatility.
If approved, the proposed law would allow Texas residents to voluntarily contribute to BTC’s reserve gifts, grants, donations, bequests or designs. Bitcoin that enters state custody must be held for a minimum of five years before the asset can be transferred, sold or converted into another crypto asset.
“This fund allows the state to own Bitcoin as a financial asset and for Texans to voluntarily donate Bitcoin to promote shared ownership and community investment in Texas’ financial future.”
Says Dennis Porter, the CEO and co-founder of the crypto-focused nonprofit Satoshi Action Fund:
“I can confirm that the State of Texas has introduced a bill to officially establish a ‘Strategic Bitcoin Reserve’. History was made as this was the first time a bill was introduced live on X Spaces. Congratulations to @VoteGiovanni for his leadership in Bitcoin.”
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Generated image: Midjourney