Republican State Consultant Giovanni Capriglione has formally filed to create a strategic Bitcoin (BTC) reserve for Texas.
In line with him, the invoice is supposed to boost fiscal stability whereas solidifying the state’s management in digital innovation.
Capriglione announced the proposed Texas Strategic Bitcoin Reserve Act (H.B. No. 1598) throughout an X Areas occasion on Thursday, the place he shared the document highlighting BTC’s decentralized nature, finite provide, and potential as a strategic asset to strengthen the state’s monetary stability and resilience.
The legislator believes the initiative will fight inflation and provide a hedge in opposition to financial volatility. He described the reserve as a “win-win” funding that might foster innovation whereas offering a broad framework for managing cryptocurrency holdings.
The Act suggests making a Bitcoin reserve throughout the Texas state treasury, managed as a particular fund outdoors the overall income fund beneath the state comptroller’s supervision. If authorized, it would permit space residents to pay taxes and charges and make donations in cryptocurrency, with the holdings retained for at the least 5 years.
The framework additionally permits residents to contribute Bitcoin to the reserve, emphasizing public participation within the state’s monetary innovation.
A two-thirds majority in each legislative homes will allow the invoice’s provisions to take impact instantly; in any other case, it would develop into relevant on September 1, 2025. Moreover, the legislation will expire on September 1, 2035, except prolonged by future amendments.
Capriglione’s proposal is a part of a rising motion throughout the US to undertake Bitcoin. Consultant Mike Cabell not too long ago launched an analogous invoice in Pennsylvania, which might allow as much as 10% of the state’s funds to be invested within the largest digital asset. In a November 12 memo, Cabell highlighted BTC’s potential use as a safety in opposition to inflation, citing its adoption by monetary companies and governments.
“Lately, many monetary establishments and sovereign governments, together with the US, have invested in Bitcoin to protect their portfolios from financial volatility,” he stated.
The lawmaker’s movement adopted Pennsylvania’s passage of a “Bitcoin rights invoice” and mirrors broader legislative efforts nationwide. Different jurisdictions, together with Oklahoma, Louisiana, Montana, and Arkansas, have handed legal guidelines defending crypto mining and self-custody rights.
The momentum additionally aligns with President-elect Donald Trump’s favorable stance on digital forex. His promise to determine a Bitcoin stockpile in the US, made on the marketing campaign path whereas soliciting the crypto group’s votes, was not too long ago reiterated by Wyoming Senator Cynthia Lummis.
On November 6, she declared her intention to push for the passing of the Boosting Innovation, Know-how, and Competitiveness by way of Optimized Funding Nationwide (BITCOIN) Act, which might make sure the U.S. Treasury purchased 1 million BTC over 5 years.
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The Proposed Laws
Texas Strikes Forward as States Embrace Bitcoin Integration
