Texas Lawmaker Files Bill to Establish Strategic Bitcoin Reserve
Republican State Representative Giovanni Capriglione has officially filed to create a strategic Bitcoin (BTC) reserve for Texas.
According to him, the bill is meant to enhance fiscal stability while solidifying the states leadership in digital innovation.
The Proposed Legislation
Capriglione announced the proposed Texas Strategic Bitcoin Reserve Act (H.B. No. 1598) during an X Spaces event on Thursday, where he shared the document highlighting BTCs decentralized nature, finite supply, and potential as a strategic asset to strengthen the states financial stability and resilience.
The legislator believes the initiative will combat inflation and offer a hedge against economic volatility. He described the reserve as a win-win investment that would foster innovation while providing a broad framework for managing cryptocurrency holdings.
The Act suggests creating a Bitcoin reserve within the Texas state treasury, managed as a special fund outside the general revenue fund under the state comptrollers supervision. If approved, it will allow area residents to pay taxes and fees and make donations in cryptocurrency, with the holdings retained for at least five years.
The framework also enables residents to contribute Bitcoin to the reserve, emphasizing public participation in the states financial innovation.
A two-thirds majority in both legislative houses will enable the bills provisions to take effect immediately; otherwise, it will become applicable on September 1, 2025. Additionally, the law will expire on September 1, 2035, unless extended by future amendments.
Texas Moves Ahead as States Embrace Bitcoin Integration
Caprigliones proposal is part of a growing movement across the United States to adopt Bitcoin. Representative Mike Cabell recently introduced a similar bill in Pennsylvania, which would permit up to 10% of the states funds to be invested in the largest digital asset.
In a November 12 memo, Cabell highlighted BTCs potential use as a protection against inflation, citing its adoption by financial firms and governments.
In recent years, many financial institutions and sovereign governments, including the United States, have invested in Bitcoin to shield their portfolios from economic volatility, he said.
The lawmakers motion followed Pennsylvanias passage of a Bitcoin rights bill and mirrors broader legislative efforts nationwide. Other jurisdictions, including Oklahoma, Louisiana, Montana, and Arkansas, have passed laws protecting crypto mining and self-custody rights.
The momentum also aligns with President-elect Donald Trumps favorable stance on virtual currency. His promise to establish a Bitcoin stockpile in the United States, made on the campaign trail while soliciting the crypto communitys votes, was recently reiterated by Wyoming Senator Cynthia Lummis.
On November 6, she declared her intention to push for the passing of the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, which would ensure the U.S. Treasury bought 1 million BTC over five years.
The post Texas Lawmaker Files Bill to Establish Strategic Bitcoin Reserve appeared first on CryptoPotato.
Read more: https://cryptopotato.com/texas-lawmaker-files-bill-to-establish-strategic-bitcoin-reserve/
Text source: CryptoPotato
