Strategic Bitcoin Reserve Process Begins In 14 US States This Month, Says Insider

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Dennis Porter, the co-founder and chairman of Satoshi Action Fund, a non-profit organization under section 501(c)(4), has announced an important advancement in state-level Bitcoin initiatives. On December 7th, he stated through X that “A 14th state is now ready to propose legislation for a ‘Strategic Bitcoin Reserve’.

Earlier, it was revealed that Porter had been collaborating with 13 distinct states to develop plans for a Strategic Bitcoin Reserve (SBR). Importantly, Porter has played a significant role in getting pro-Bitcoin legislation passed in the past, and his current focus is on establishing SBRs in multiple U.S. states through his advocacy work.

When Will US States Establish A Bitcoin Reserve?

Porter clarified that there has been much curiosity about when the ‘Strategic Bitcoin Reserve’ bill will begin its journey at the state level, to which he provided a comprehensive plan. He believes that most states will follow this roadmap. As he explained, the proposed bill can be initiated in either the House or Senate of a state; once it is submitted for consideration, it must first pass an initial review by a select committee of lawmakers who decide if the bill should progress further.

In most cases, a straightforward approval is required during the initial hearing for the bill to move forward to a general vote within the same legislative body. If it manages to secure a simple majority in this general vote, the process continues to the second chamber. Here, lawmakers hold another hearing followed by a comprehensive vote across the entire chamber.

If the bill successfully passes in the second house, it moves on to the Governor’s office for approval or rejection. Porter pointed out that “If the Governor decides to sign the bill, then it becomes law,” he warned about the numerous obstacles along the way that could derail a bill at any point, and highlighted the need for persistent advocacy efforts due to the delicacy of the process.

In the majority of states, Porter noted, the legislative process kicks off this month. He further clarified that due to the swift nature of the legislative cycle in most states and their status as part-time legislatures, a significant amount of activity related to this matter will happen quite rapidly over the next six months.

In states with part-time legislatures, lawmakers gather for brief periods, usually spanning a few months at most. As a result, any proposals under consideration experience an intense phase of debate, bargaining, and voting within these compact timeframes. This setup provides only brief opportunities for either success or failure to materialize.

Porter referred to these deadlines as “motivators for prompt action,” explaining, “The advantage of working at the state level is that there are swift and unyielding deadlines. A bill either succeeds or fails rapidly.” He added that by summer, most states will have decided whether to establish a strategic Bitcoin reserve or not, due to the short and decisive pace of their legislative processes.

On the other hand, Porter pointed out that not every state adheres to the same time limits. For instance, states like Ohio and Pennsylvania have year-round legislatures, which gives them additional time to progress legislative initiatives or modify proposals. Although this flexibility offers more time for deliberation, it can potentially postpone the final decision.

Porter explained that a coordinated multi-state effort strategically takes into account differences by advancing similar or nearly identical bills in various states, allowing each legislature to move at its own speed. This method, as he suggested, significantly enhances the chances of passing crucial legislation such as the Strategic Bitcoin Reserve, because the success of one bill can spur momentum or provide valuable insights for subsequent attempts.

At press time, BTC traded at $101,618.

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2025-01-07 22:41