As a researcher with years of experience under my belt, I find myself thoroughly intrigued by the recent developments surrounding the Strategic Bitcoin Reserve (SBR) in the United States. Dennis Porter, CEO and Co-Founder of the Satoshi Act Fund, has proven to be a relentless force in championing the cause for BTC adoption at the state level. His latest announcement that ten US states are poised to introduce legislation to establish SBRs is not only exciting but also a testament to his unwavering dedication to this cause.
Dennis Porter, the CEO and Co-Founder of the Satoshi Act Fund, has disclosed that ten American states are planning to propose laws for setting up a State-level Bitcoin Strategic Reserve (SBR). It’s worth mentioning that the Satoshi Act Fund played a crucial role in Pennsylvania’s initial introduction of the Bitcoin Strategic Reserve Act, allowing the state to allocate up to 10% of its funds towards Bitcoin investments.
10 US States Set To Establish A Strategic Bitcoin Reserve
As a dedicated researcher, I am thrilled to share that I have justifiably validated and disclosed the forthcoming legislation for ‘Strategic Bitcoin Reserves’ in no less than 10 states across this remarkable nation, the United States of America. This revelation was made via X on December 3. The enthusiasm is palpable; we are poised to triumph with Bitcoin. We aim to spearhead the global movement. No one will even come close. It’s only a matter of time before the world adopts our lead.
Porter emphasized the difficulty in implementing laws across various states due to logistical issues and requested financial assistance. Essentially, he said, “Making laws effective in 10 different states will involve a lot of travel.” He added, “We can get the bills passed if we have enough money. This is where your help comes in.” He guided supporters to the fundraising page at donorbox.org/500kmatch, sharing that their goal was to raise $500,000 within 60 days, with the initial $50,000 being matched.
The fundraising effort by the Satoshi Act Fund is geared towards realizing several primary goals. Among these are setting up State-Based Regulatory (SBR) frameworks in numerous states, advocating for legislation that ensures the freedom to mine, self-custody, and operate a node related to Bitcoin, and halting “Operation Chokepoint 2.0” – a practice that involves denying banking services to Bitcoin-related businesses. The non-profit asserts that within six months, American governments could be purchasing Bitcoin, according to their initiative.
Porter underscored the organization’s past achievements to strengthen belief in their purpose. The Satoshi Act Fund has managed to pass four bills into laws in various states, was the pioneer in proposing SBR legislation, and has made more than 30 bill proposals across over 20 states. Moreover, they have sent approximately 200,000 letters to legislators nationwide and presented over 20 testimonies at public hearings, advocating for Bitcoin (BTC).
Furthermore, Porter revealed plans for a significant announcement alongside US Senator Cynthia Lummis, who introduced the Bitcoin Act of 2024, intended to create a federal Strategic Bitcoin Reserve by purchasing one million Bitcoins over five years. In a post on X, he stated, “In less than 48 hours, I will team up with US Senator Cynthia Lummis to disclose substantial advancements in the development of Strategic Bitcoin Reserves. Bitcoin is gaining ground in the USA.” The event is set for tomorrow at 4 pm EST on X Space.
In just under two days, I’ll be teaming up with U.S. Senator Cynthia Lummis to reveal significant advancements concerning our ‘Strategic Bitcoin Reserves’ project.
Bitcoin is winning in the USA.
— Dennis Porter (@Dennis_Porter_) December 3, 2024
In a spirit of rivalry and urgency, Porter made a comparison between his own initiatives and those of President-elect Donald Trump, who had pledged to introduce a SBR (Secure Blockchain Regulation) at the Bitcoin conference in Nashville this year. He expressed confidence that he would pass SBR legislation at the state level before Trump, but only if Trump didn’t issue an executive order on the matter during his first week in office. Essentially, Porter is saying the competition is intense and the game has begun.
At press time, BTC traded at $95,375.
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2024-12-03 19:41