US Lawmakers Propose Oklahoma and Texas Bitcoin Reserve
Lawmakers in Oklahoma and Texas are pushing proposals to establish strategic reserves of Bitcoin, reflecting the digital asset’s growing use in public finances.
In Texas, state Sen. Charles Schwertner introduced a bill to make Bitcoin a reserve asset, allowing the state to collect taxes, fees and donations in Bitcoin.
Countries are pushing to build Bitcoin reserves
Texas, which has the largest budget surplus of any U.S. state, aims to leverage Bitcoin as part of its financial strategy. Under Schwertner’s proposal, the state hopes to become the first to establish such a protected area to become a leader in the field.
“It’s time for Texas to take the lead in establishing a Bitcoin strategic reserve. That’s why I filed SB 778, which if passed and signed into law, would make Texas the first state in the United States to establish a Bitcoin strategic reserve. currency strategic reserve.” Wrote on X (formerly Twitter).
President-elect trump inauguration With the election less than a week away, it’s clear that Republican state leaders will relentlessly try to adopt BTC as a strategic reserve asset – at least at the state level, if not as a national protected area.
Meanwhile, Oklahoma Rep. Cody Maynard introduce Today House Bill 1203, known as the “Strategic Bitcoin Reserve Act.” The bill proposes allocating a portion of state pension funds and savings accounts to Bitcoin.
Like other states, Oklahoma wants to use BTC as a potential hedging tool inflation.
“Bitcoin represents the freedom of our purchasing power to no longer be printed by bureaucrats. It is the ultimate store of value for those who believe financial freedom and sound monetary principles,” Maynard said.
U.S. lawmakers are recognizing Bitcoin’s store of value
The movement to integrate Bitcoin into national finances is not limited to these countries.
November 2024, Pennsylvania state legislators proposed The National Treasury invests 10% of its assets in Bitcoin. Rep. Mike Cabell emphasized that Pennsylvania could follow the lead of private asset managers, such as BlackRock and Fidelity.
On January 10, North Dakota and New Hampshire joined the trend and introduced their own Bitcoin reserve bills. It’s worth noting that New Hampshire’s legislation uses broader terms, such as “digital assets”. This indicates potential interest in cryptocurrencies other than Bitcoin.
Now, 13 US states are considering Bitcoin reserves The legislation marks a major shift in its role in public finances.
Globally, interest in Bitcoin reserves is also growing. Japan, Switzerland, Russia and other countries Explore strategies to integrate BTC into their financial system. Taking Vancouver as an example, it has approved Bitcoin as part of municipal reserves.
In addition, asset management companies VanEck predicts adoption of Bitcoin reserves By 2025, the U.S. national debt can be reduced by 36%. These developments illustrate the growing importance of Bitcoin as governments and institutions seek innovative solutions to enhance their financial resilience.
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