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 stateās leadership in digital innovation.
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 BTCās decentralized nature, finite supply, and potential as a strategic asset to strengthen the stateās 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 āwin-winā 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 comptrollerās 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 stateās financial innovation.
A two-thirds majority in both legislative houses will enable the billās 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.
Capriglioneās 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 stateās funds to be invested in the largest digital asset.
In a November 12 memo, Cabell highlighted BTCās potential use as a protection against inflation, citing its adoption by financial firms and governments.
The lawmakerās motion followed Pennsylvaniaās passage of a āBitcoin rights billā 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 Trumpās 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 communityās 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.
According to him, the bill is meant to enhance fiscal stability while solidifying the stateās 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 BTCās decentralized nature, finite supply, and potential as a strategic asset to strengthen the stateās 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 āwin-winā 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 comptrollerās 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 stateās financial innovation.
A two-thirds majority in both legislative houses will enable the billās 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
Capriglioneās 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 stateās funds to be invested in the largest digital asset.
In a November 12 memo, Cabell highlighted BTCās potential use as a protection against inflation, citing its adoption by financial firms and governments.
The lawmakerās motion followed Pennsylvaniaās passage of a āBitcoin rights billā 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 Trumpās 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 communityās 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.
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