Texas Leads the Charge: SB 778s Bold Bitcoin Reserve Plan
- Texas Senator Charles Schwertner introducd SB 778 to crt strtgic Bitcoin rsrv, boosting conomic growth.
- Th bill llows Texas to lloct up to 1% of gnrl rvnu for BTC purchss nd public contributions.
- Texas joins othr stts, lik Oklhom nd Pnnsylvni, xploring BTC s digitl sst for rsrv funds.
Texas is stpping up s potntil trilblzr in th digitl conomy. Senator Charles Schwertner introducd th Snt Bill (SB 778) on Jnury 16, proposing th crtion of stt-lvl Bitcoin strtgic rsrv. If pssd, this inititiv will position Texas s th first U.S. stt to hold BTC s finncil sst.
Its tim for Texas to ld th wy in stblishing Strtgic Bitcoin Rsrv, Schwrtnr sttd on X whil unviling th bill. H mphsizd tht th rsrv could propl conomic growth nd scur finncil frdom for th stt. Th Texas Strtgic BTC Rsrv Act ims to crt fund outsid th stts gnrl rvnu, nbling th ownrship nd mngmnt of th digitl sst.
Strategic Bitcoin Reserve Act Details
Th bill cknowldgs its dcntrlizd ntur nd finit supply, dscribing ths trits s idl sfgurds ginst infltion nd conomic instbility. It lso proposs implmnting stringnt msurs for scur storg, mndting cold storg for Bitcoin holdings, nd rquiring rgulr udits to nsur trnsprncy nd scurity.
Th lgisltion prmits llocting up to 1% of th stts gnrl rvnu to purchs BTC. It lso llows public contributions, nbling rsidnts to dont BTC to th rsrv. This inititiv mrks th ltst in sris of fforts within Texas to intgrt digitl ssts into th stts finncil frmwork.
A similr proposl mrgd in Dcmbr whn Rprsnttiv Giovnni Cpriglion introducd Hous Bill (HB 1598). Th drft lgisltion suggstd using BTC s rsrv sst for t lst fiv yrs. Unlik SB 778, HB 1598 origintd in th Hous, focusing on llowing individuls nd govrnmnt ntitis to contribut to th rsrv.
Broader State-Level Bitcoin Proposals
Texas is not lon in its push towrd BTC doption. On Jnury 15, Oklhom Rprsnttiv Cody Mynrd proposd Strtgic Bitcoin Rsrv Act for his stt. Th bill suggstd invsting in BTC nd othr digitl ssts with mrkt cp xcding $500 billion, thrshold only Bitcoin currntly mts.
Mynrds proposl includd llocting portion of Oklhoms rsrv funds to BTC, cpping th invstmnt t 10% of th stts rsrv. H lso rcommndd using scur custodin to stor th digitl ssts. If pssd, Oklhoms Hous of Rprsnttivs could initit BTC purchss s rly s Novmbr 1.
Othr stts r xploring similr inititivs. In Novmbr, Pnnsylvni lwmkrs proposd crting Bitcoin rsrv. North Dkot nd Nw Hmpshir introducd comprbl bills rlir this month. This wv of lgisltiv intrst highlights growing rcognition of its potntil s finncil sst.
Th timing of ths proposls coincids with Donld Trumps imminnt inugurtion on Jnury 20. Th pro-crypto prsidnt hs hintd t policis fvoring digitl ssts, including potntil U.S. Bitcoin rsrv. Stts ppr to b rcing to dopt BTC bfor such msurs r implmntd t th fdrl lvl.
Texas, Nw Hmpshir, North Dkot, Pnnsylvni, nd Ohio r lding th chrg, signling growing shift towrd intgrting cryptocurrncy into govrnmntl finncil strtgis. Ths dvlopmnts could rdfin stt-lvl conomic rsilinc in th digitl r.
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Read more: https://www.tronweekly.com/texas-seeks-to-establish-bitcoin-reserve/
Text source: TronWeekly
