As President Donald Trump’s inauguration nears, backers of Bitcoin and blockchain are preparing for potential pro-cryptocurrency measures. Taking the initiative is the state of Texas, where Senator Charles Schwertner has proposed a bill to establish the state’s first Bitcoin deposit.
On Twitter or X, Senator Schwertner shared that he’s submitted SB 778, an initiative setting Texas apart as the pioneer in establishing a strategic Bitcoin reserve. As explained by the Texas representative, this move aims to establish Texas as a frontrunner in blockchain technology, stimulate economic development, and safeguard everyone’s financial liberty.
Texas Wants To Lead The Bitcoin Revolution
Texas ranks as the tenth largest economy worldwide, boasting approximately $194 billion in general revenue for its state operations from 2026 to 2027. Beyond this substantial budget, Texas is also expanding its Bitcoin and blockchain sector. Notably, it hosts several cryptocurrency mines, such as the one in Rockdale, recognized as North America’s largest Bitcoin mining facility.
Texas should take the initiative in creating a Strategic Bitcoin Reserves program. To achieve this, I’ve submitted SB 778 for consideration. If approved and enacted, Texas would become the pioneering state in the U.S. to establish such a reserve, placing our state at the forefront of innovation in the digital currency sector.
— Charles Schwertner (@DrSchwertner) January 15, 2025
According to Schwertner’s suggestion, Texas should take the front line in establishing and deploying a digital currency reserve. The bill SB 778 also suggests the creation of the Texas Strategic Bitcoin Reserve Advisory Committee. This committee would consist of key figures such as chairs from Appropriations and Finance committees in the House, a comptroller, a senator, and a representative from both the Senate and the House, among others.
Texas’ Crypto Reserve And Its Primary Purpose
While the primary objective behind creating a state’s cryptocurrency reserve is to exploit the benefits of blockchain technology as a means to counteract inflation, Senate Bill 778 further clarifies its specific intentions. As stated in Section 403.703, the state intends to invest in Bitcoin as a financial asset. Moreover, the bill also permits individuals, including Texas residents, to donate Bitcoin with the goal of fostering joint ownership and promoting a sense of unity.
The document additionally underscores certain transactions that are prohibited. For instance, Section 403.705 specifies that the comptroller is not authorized to sanction transactions for purchasing Bitcoin intended to be stored in foreign nations.
Other US States Are Actively Pursuing Individual Reserves
Despite some concerns and uncertainties surrounding the establishment of a reserve, several states are moving forward with this initiative. In addition to Texas, Oklahoma has announced its intentions to store a leading digital currency within its monetary reserves. Representative Cody Maynard has introduced HB 1203, also known as the Strategic Reserve Act, which seeks to earmark a portion of the state’s pension funds for purchasing these digital assets.
Pennsylvania legislators have proposed a strategy for investing in Bitcoin, suggesting that the state’s Treasury could set aside up to 10% of its funds to purchase cryptocurrency. Representative Mike Cabell proposes that the state emulate the strategies of financial firms such as Fidelity and BlackRock.
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2025-01-17 04:42