Texas Lawmaker Introduces Bill That Would Establish Bitcoin Reserve Within the State Treasury

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.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney