In this post:
- Senator Charles Schwertner has filed a bill that would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve.
- Several U.S. states are pushing forward with Bitcoin reserve legislation.
- Japan and Russia are also exploring the benefits of BTC for economic resilience.
Senator Charles Schwertner has announced that he proposed a bill to establish the first state-level Bitcoin strategic reserve in the United States.
Through an X post, Charles said he had filed Senate Bill 778 (SB 778), a bold proposal that, if passed, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve.
Texas is pushing to lead Bitcoin adoption
Senator Charles Schwertner emphasizes that Texas should lead in adopting Bitcoin. This proposal could allow the state to collect taxes, fees, and donations in BTC.
With President-elect Trump’s inauguration just a week away, 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 reserve.
Texas has the second-largest economy in the U.S. and the eighth-largest globally. It also has the highest concentration of Bitcoin miners in the country.
The call for a national strategic Bitcoin reserve – one of President-elect Donald Trump’s crypto-friendly campaign promises – has grown stronger since the election. Bitcoin has risen by more than 45% as optimistic investors bet that establishing such a reserve will further boost its price.
U.S. states and countries are actively exploring Bitcoin reserves as a market catalyst
While there is some skepticism about whether the U.S. will establish a Bitcoin reserve or if it does, whether it will be the first, the mere prospect of it could act as a positive market catalyst in the new year. This could prompt other nations to create their own reserves, even if the U.S. does not follow through.
Several states are eager to take the lead in this new area. Oklahoma Representative Cody Maynard introduced House Bill 1203, dubbed the Strategic Bitcoin Reserve Act. The bill proposes allocating some of the state’s pension funds and savings accounts to Bitcoin. At the end of last year, Pennsylvania lawmakers proposed that the state Treasury invest up to 10% of its assets in Bitcoin. Representative Mike Cabell emphasized that Pennsylvania could follow private asset managers like BlackRock and Fidelity.
On January 10, North Dakota and New Hampshire also introduced their own Bitcoin reserve bills. New Hampshire’s legislation uses broader terminology, like “digital assets, ” which indicates a potential interest in cryptocurrencies beyond Bitcoin.
Source: cryptopolitan.com
