A bill was yesterday presented in the Texas House of Representatives to create a strategic Bitcoin reserve, which could potentially serve as a template for the US Treasury.
The proposed legislation, announced by Republican state Rep. Giovanni Capriglione during an event hosted by X Spaces, would allow the state to establish a strategic Bitcoin reserve by accepting payments in cryptocurrency for taxes, fees, and donations.
The reserve would be held for a minimum of five years and aims to strengthen the state’s fiscal stability and position Texas as a frontrunner in Bitcoin innovation. Capriglione worked with the Satoshi Action Fund, a nonprofit Bitcoin advocacy group, to develop the bill.
According to Capriglione, the main purpose of the bill is to protect against the damaging effects of inflation on state investments. He believes that a strategic Bitcoin reserve would be a beneficial asset for the state.
The bill, called “An act relating to the establishment of a Bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities,” was filed on Thursday.
