How the New Bill Aims to Revolutionize State Finance
Texas, home to the world’s eighth-largest economy, is turning into the cryptocurrency spotlight as state Representative Giovanni Capriglione introduces a bill to establish a strategic Bitcoin reserve report Reported by CNBC. The move is in line with President-elect Donald Trump’s vision for a federal-level Bitcoin reserve and highlights growing acceptance of Bitcoin across states and industries. It seems that US states have already made Trump’s Bitcoin reserve vision a reality.
A bold step for Texas
The Texas Strategic Bitcoin Reserve Act proposes creating a state fund to hold Bitcoin, leveraging Texas’ strong foothold in Bitcoin mining to promote financial stability and drive digital innovation. Lee Bratcher, chairman of the Texas Blockchain Council, supports the initiative, Highlight It relies on voluntary donations of Bitcoin from residents rather than taxpayer dollars, fostering a sense of community ownership.
Main features of the proposal
bill contour Create a secure Bitcoin fund as a hedge against economic uncertainty. Representative Capriglione emphasized its flexibility, leaving room for future expansion based on legislative support. This approach could make Texas a pioneer in incorporating Bitcoin into its financial system.
Others following the Alliance
The proposal mirrors similar efforts across the country, such as recent legislation in Pennsylvania. Ten other states and several countries are reportedly exploring similar measures. At the federal level, President-elect Trump’s pro-crypto stance includes plans to establish a national Bitcoin reserve and form a Cryptocurrency Advisory Council.
Additionally, states such as Oklahoma, Louisiana, and Montana have enacted laws to support mining rights and digital asset innovation. Advocacy groups such as the Satoshi Action Fund have introduced more than 30 cryptocurrency-focused bills in the United States
Bitcoin is getting mainstream attention
The concept of Bitcoin reserves is becoming increasingly popular internationally. Following the election, Bitcoin price increased by 45%. El Salvador and Bhutan have made Bitcoin part of their national strategies, while companies like MicroStrategy continue to accumulate Bitcoin as a key asset. However, some resistance remains, such as Microsoft’s recent rejection of a Bitcoin investment proposal.
why this is important
If passed, the bill would go into effect on September 1, 2025, and expire on September 1, 2035. Texas’ move could lead other states to adopt similar strategies, making the United States a global leader in cryptocurrency adoption. With growing support from state and federal governments, the integration of Bitcoin into the mainstream financial system seems more promising than ever.
