#Texas Bitcoin Reserve

[bitcoinversus]

Texas Legislator Giovanni Capriglione Advocates For Strategic Bitcoin Reserve

Texas State Representative Giovanni Capriglione has expressed a desire for Texas to establish a Strategic Bitcoin Reserve ahead of federal initiatives. Speaking at the Texas Blockchain Summit in Dallas, Capriglione stated, “It’s destined to happen somewhere. I’d rather it happen here first.” This sentiment aligns with recent discussions among Texas lawmakers about creating a state-held Bitcoin…

[mariacallous]

Anyone who has spent even 15 minutes on TikTok over the past two months will have stumbled across more than one creator talking about Project 2025, a nearly thousand-page policy blueprint from the Heritage Foundation that outlines a radical overhaul of the government under a second Trump administration. Some of the plan’s most alarming elements—including severely restricting abortion and rolling back the rights of LGBTQ+ people—have already become major talking points in the presidential race.

But according to a new analysis from the Technology Oversight Project, Project 2025 includes hefty handouts and deregulation for big business, and the tech industry is no exception. The plan would roll back environmental regulation to the benefit of the AI and crypto industries, quash labor rights, and scrap whole regulatory agencies, handing a massive win to big companies and billionaires—including many of Trump’s own supporters in tech and Silicon Valley.

“Their desire to eliminate whole agencies that are the enforcers of antitrust, of consumer protection is a huge, huge gift to the tech industry in general,” says Sacha Haworth, executive director at the Tech Oversight Project.

One of the most drastic proposals in Project 2025 suggests abolishing the Federal Reserve altogether, which would allow banks to back their money using cryptocurrencies, if they so choose. And though some conservatives have railed against the dominance of Big Tech, Project 2025 also suggests that a second Trump administration could abolish the Federal Trade Commission (FTC), which currently has the power to enforce antitrust laws.

Project 2025 would also drastically shrink the role of the National Labor Relations Board, the independent agency that protects employees’ ability to organize and enforces fair labor practices. This could have a major knock on effect for tech companies: In January, Musk’s SpaceX filed a lawsuit in a Texas federal court claiming that the National Labor Relations Board (NLRB) was unconstitutional after the agency said the company had illegally fired eight employees who sent a letter to the company’s board saying that Musk was a “distraction and embarrassment.” Last week, a Texas judge ruled that the structure of the NLRB—which includes a director that can’t be fired by the president—was unconstitutional, and experts believe the case may wind its way to the Supreme Court.

This proposal from Project 2025 could help quash the nascent unionization efforts within the tech sector, says Darrell West, a senior fellow at the Brookings Institution’s Center for Technology Innovation. “Tech, of course, relies a lot on independent contractors,” says West. “They have a lot of jobs that don't offer benefits. It's really an important part of the tech sector. And this document seems to reward those types of business.”

For emerging technologies like AI and crypto, a rollback in environmental regulations proposed by Project 2025 would mean that companies would not be accountable for the massive energy and environmental costs associated with bitcoin mining and running and cooling the data centers that make AI possible. “The tech industry can then backtrack on emission pledges, especially given that they are all in on developing AI technology,” says Haworth.

The Republican Party’s official platform for the 2024 elections is even more explicit, promising to roll back the Biden administration’s early efforts to ensure AI safety and “defend the right to mine Bitcoin.”

All of these changes would conveniently benefit some of Trump’s most vocal and important backers in Silicon Valley. Trump’s running mate, Republican senator J.D. Vance of Ohio, has long had connections to the tech industry, particularly through his former employer, billionaire founder of Palantir and longtime Trump backer Peter Thiel. (Thiel’s venture capital firm, Founder’s Fund, invested $200 million in crypto earlier this year.)

Thiel is one of several other Silicon Valley heavyweights who have recently thrown their support behind Trump. In the past month, Elon Musk and David Sacks have both been vocal about backing the former president. Venture capitalists Marc Andreessen and Ben Horowitz, whose firm a16z has invested in several crypto and AI startups, have also said they will be donating to the Trump campaign.

“They see this as their chance to prevent future regulation,” says Haworth. “They are buying the ability to avoid oversight.”

Reporting from Bloomberg found that sections of Project 2025 were written by people who have worked or lobbied for companies like Meta, Amazon, and undisclosed bitcoin companies. Both Trump and independent candidate Robert F. Kennedy Jr. have courted donors in the crypto space, and in May, the Trump campaign announced it would accept donations in cryptocurrency.

But Project 2025 wouldn’t necessarily favor all tech companies. In the document, the authors accuse Big Tech companies of attempting “to drive diverse political viewpoints from the digital town square.” The plan supports legislation that would eliminate the immunities granted to social media platforms by Section 230, which protects companies from being legally held responsible for user-generated content on their sites, and pushes for “anti-discrimination” policies that “prohibit discrimination against core political viewpoints.”

It would also seek to impose transparency rules on social platforms, saying that the Federal Communications Commission (FCC) “could require these platforms to provide greater specificity regarding their terms of service, and it could hold them accountable by prohibiting actions that are inconsistent with those plain and particular terms.”

And despite Trump’s own promise to bring back TikTok, Project 2025 suggests the administration ���ban all Chinese social media apps such as TikTok and WeChat, which pose significant national security risks and expose American consumers to data and identity theft.”

West says the plan is full of contradictions when it comes to its approach to regulation. It’s also, he says, notably soft on industries where tech billionaires and venture capitalists have put a significant amount of money, namely AI and cryptocurrency. “Project 2025 is not just to be a policy statement, but to be a fundraising vehicle,” he says. “So, I think the money angle is important in terms of helping to resolve some of the seemingly inconsistencies in the regulatory approach.”

It remains to be seen how impactful Project 2025 could be on a future Republican administration. On Tuesday, Paul Dans, the director of the Heritage Foundation’s Project 2025, stepped down. Though Trump himself has sought to distance himself from the plan, reporting from the Wall Street Journal indicates that while the project may be lower profile, it’s not going away. Instead, the Heritage Foundation is shifting its focus to making a list of conservative personnel who could be hired into a Republican administration to execute the party’s vision.

[girlfriendsofthegalaxy]

https://www.chron.com/news/houston-texas/article/bitcoin-reserve-texas-crypto-trump-19979409.php

kill me

[thesocialchronicles]

Three of the 50 states of America are expected to create local Bitcoin reserves soon. The bills differ from the proposal of the American National Bitcoin Reserve and demonstrate local specifics. America is bullish on Bitcoin. Allegedly, each fifth American owns some BTC. While the U.S. President is pushing to create a strategic Bitcoin reserve, the states are working on local reserves. The Ohio and Texas proposals to create such reserves are about to pass; Pennsylvania is following their way, while other states are doing their considerations. What are the specs of the local proposals compared to the federal bill? The main distinction is that the local proposals have different end goals if compared to the federal-level proposal. The federal bill is aimed to cover the national debt and calls for purchasing one million BTC that should be stored in the U.S. Treasury.  The Texas bill is aimed at accumulating bitcoins by collecting taxes and donations in cryptocurrency. More than that, Texas has a minimum five-year embargo on selling state bitcoins. Ohio and Pennsylvania are willing to accumulate some BTC as a hedge against the eroding USD value. Bitcoins must be bought by the local treasuries. The bills don’t elaborate precisely on the terms. The Cynthia Lummis bill The Federal Reserve bill was introduced in July 2024 by Wyoming Sen. Cynthia Lummis. Her proposal is called Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act. The Lummis bill is expressly presented as a means to pay down the U.S. national debt.  Apart from national debt, Lummis mentions soaring inflation rates in the introduction and calls the creation of the reserve a Louisiana Purchase moment. Comparing huge-scale Bitcoin purchases with buying American lands in the past became a popular trope among Bitcoin maximalists. According to the Lummis proposal, Bitcoin is seen as an additional store of value in the federal balance sheet. The bill suggests that the government must establish a U.S. Treasury-controlled decentralized network of Bitcoin vaults. On top of that, the government must purchase one million BTC, which is around 5% of the total supply. The amount is dictated by the fact that the U.S. is already holding 5% of all gold. Private Bitcoin holders should be given self-custody rights.  The local bills The local bills of Texas and Ohio don’t include direct intentions to purchase a specified amount of BTC in a certain period, nor are they intended to eliminate the state debts.  The Texas bill was introduced by Texas State Representative Giovanni Capriglione on Dec. 12. The bill suggests that local residents will be able to use cryptocurrency to pay their taxes. On top of that, Texans will be able to donate cryptocurrency to the state. All the crypto is going to be exchanged for Bitcoin.  Donations, taxes, and other payments to the state agencies will be the main avenues for Texas to accumulate bitcoins. The accumulated BTC are supposed to be stored offline untouched for at least five years. Just like Lummis, Capriglione mentioned inflation as one of the biggest enemies while speaking about the need for the Bitcoin reserve. Texas has been an attractive place for Bitcoin miners due to low electricity costs and various incentives. During the CNBC interview released on Dec. 24, Centrifuge general counsel Eli Cohen noted that the implementation may turn out to be challenging. He points out that the tax authorities may find it tricky to collect taxes in BTC and identify taxpayers. If the tax authorities demand taxpayers to provide their BTC wallets, the taxpayers may feel reluctant to obey. 🚨Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! Provides state treasurer authority & flexibility to invest in #Bitcoin This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd— Derek Merrin (@DerekMerrin) December 17, 2024 On Dec. 17, the rep. Derek Merrin introduced the Ohio bill known as the Ohio Bitcoin Reserve Act. The act suggests that the Ohio treasury will set up the Bitcoin fund and will be able to invest money in Bitcoin. Bitcoin is seen as a hedge against USD devaluation. In contrast to the Lummis proposal, the bill has no mention of specific Bitcoin purchases or allocations. In 2022, Ohio had a $72.16 billion debt. It is possible that the BTC reserve could facilitate debt redemption. The bill will be worked upon further by legislators in 2025. The Pennsylvania bill was introduced back in November. Its prime suggestion is that the state will be able to invest up to 10% of the State General Fund in Bitcoin in order to fight inflation. This means that nearly one billion dollars can be spent on bitcoins.  Will these bills pass? The bills mentioned above were introduced. There is no guarantee that they will pass. On average, only 20% of the introduced state-level bills become laws. In Texas, Ohio, and Pennsylvania, this number is even lower. According to the New Healthcare Bill Acts, only 4.5% of the bills introduced to the 115th Congress became law. So, statistically, the odds are not that high. Practically, it depends on multiple factors, not least of all the persistence of the lobbyists. Cohen believes that Lummis is a strong Bitcoin advocate with decent experience, and her bill has a good chance. However, the Lummis Act can fail in Congress. It receives some criticism even within the crypto community. For instance, a passionate crypto writer Nic Carter, warns that while the Bitcoin stockpile (as a store of seized bitcoins) can be beneficial, the strategic Bitcoin reserve (as a reserve of the bitcoins acquired by the government) will not bolster the dollar price (like it is supposed by the strategic Bitcoin reserve advocates) but will do the opposite.  The reason is clear: giving Bitcoin a monetary role in the country that issues dollars is signalling the move away from an inconvertible fiat standard, i.e., questioning the dollar’s value, hence risking the role of the U.S. in the global economy. We can’t state, however, that Carter’s concerns are the current mainstream. Quite the opposite. If the strategic Bitcoin reserve is not created while the state-level reserves are successfully set, they may get a leading role in the exploration of the governmental accumulation and storage of Bitcoin and turn into international cryptocurrency hubs. If all the bills fail, new ones will follow. 2024-12-26 18:00:00 https://crypto.news/app/uploads/2024/05/crypto-USA-crypto-policy-option02.webp

[celebritydailys]

Three of the 50 states of America are expected to create local Bitcoin reserves soon. The bills differ from the proposal of the American National Bitcoin Reserve and demonstrate local specifics. America is bullish on Bitcoin. Allegedly, each fifth American owns some BTC. While the U.S. President is pushing to create a strategic Bitcoin reserve, the states are working on local reserves. The Ohio and Texas proposals to create such reserves are about to pass; Pennsylvania is following their way, while other states are doing their considerations. What are the specs of the local proposals compared to the federal bill? The main distinction is that the local proposals have different end goals if compared to the federal-level proposal. The federal bill is aimed to cover the national debt and calls for purchasing one million BTC that should be stored in the U.S. Treasury.  The Texas bill is aimed at accumulating bitcoins by collecting taxes and donations in cryptocurrency. More than that, Texas has a minimum five-year embargo on selling state bitcoins. Ohio and Pennsylvania are willing to accumulate some BTC as a hedge against the eroding USD value. Bitcoins must be bought by the local treasuries. The bills don’t elaborate precisely on the terms. The Cynthia Lummis bill The Federal Reserve bill was introduced in July 2024 by Wyoming Sen. Cynthia Lummis. Her proposal is called Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act. The Lummis bill is expressly presented as a means to pay down the U.S. national debt.  Apart from national debt, Lummis mentions soaring inflation rates in the introduction and calls the creation of the reserve a Louisiana Purchase moment. Comparing huge-scale Bitcoin purchases with buying American lands in the past became a popular trope among Bitcoin maximalists. According to the Lummis proposal, Bitcoin is seen as an additional store of value in the federal balance sheet. The bill suggests that the government must establish a U.S. Treasury-controlled decentralized network of Bitcoin vaults. On top of that, the government must purchase one million BTC, which is around 5% of the total supply. The amount is dictated by the fact that the U.S. is already holding 5% of all gold. Private Bitcoin holders should be given self-custody rights.  The local bills The local bills of Texas and Ohio don’t include direct intentions to purchase a specified amount of BTC in a certain period, nor are they intended to eliminate the state debts.  The Texas bill was introduced by Texas State Representative Giovanni Capriglione on Dec. 12. The bill suggests that local residents will be able to use cryptocurrency to pay their taxes. On top of that, Texans will be able to donate cryptocurrency to the state. All the crypto is going to be exchanged for Bitcoin.  Donations, taxes, and other payments to the state agencies will be the main avenues for Texas to accumulate bitcoins. The accumulated BTC are supposed to be stored offline untouched for at least five years. Just like Lummis, Capriglione mentioned inflation as one of the biggest enemies while speaking about the need for the Bitcoin reserve. Texas has been an attractive place for Bitcoin miners due to low electricity costs and various incentives. During the CNBC interview released on Dec. 24, Centrifuge general counsel Eli Cohen noted that the implementation may turn out to be challenging. He points out that the tax authorities may find it tricky to collect taxes in BTC and identify taxpayers. If the tax authorities demand taxpayers to provide their BTC wallets, the taxpayers may feel reluctant to obey. 🚨Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! Provides state treasurer authority & flexibility to invest in #Bitcoin This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd— Derek Merrin (@DerekMerrin) December 17, 2024 On Dec. 17, the rep. Derek Merrin introduced the Ohio bill known as the Ohio Bitcoin Reserve Act. The act suggests that the Ohio treasury will set up the Bitcoin fund and will be able to invest money in Bitcoin. Bitcoin is seen as a hedge against USD devaluation. In contrast to the Lummis proposal, the bill has no mention of specific Bitcoin purchases or allocations. In 2022, Ohio had a $72.16 billion debt. It is possible that the BTC reserve could facilitate debt redemption. The bill will be worked upon further by legislators in 2025. The Pennsylvania bill was introduced back in November. Its prime suggestion is that the state will be able to invest up to 10% of the State General Fund in Bitcoin in order to fight inflation. This means that nearly one billion dollars can be spent on bitcoins.  Will these bills pass? The bills mentioned above were introduced. There is no guarantee that they will pass. On average, only 20% of the introduced state-level bills become laws. In Texas, Ohio, and Pennsylvania, this number is even lower. According to the New Healthcare Bill Acts, only 4.5% of the bills introduced to the 115th Congress became law. So, statistically, the odds are not that high. Practically, it depends on multiple factors, not least of all the persistence of the lobbyists. Cohen believes that Lummis is a strong Bitcoin advocate with decent experience, and her bill has a good chance. However, the Lummis Act can fail in Congress. It receives some criticism even within the crypto community. For instance, a passionate crypto writer Nic Carter, warns that while the Bitcoin stockpile (as a store of seized bitcoins) can be beneficial, the strategic Bitcoin reserve (as a reserve of the bitcoins acquired by the government) will not bolster the dollar price (like it is supposed by the strategic Bitcoin reserve advocates) but will do the opposite.  The reason is clear: giving Bitcoin a monetary role in the country that issues dollars is signalling the move away from an inconvertible fiat standard, i.e., questioning the dollar’s value, hence risking the role of the U.S. in the global economy. We can’t state, however, that Carter’s concerns are the current mainstream. Quite the opposite. If the strategic Bitcoin reserve is not created while the state-level reserves are successfully set, they may get a leading role in the exploration of the governmental accumulation and storage of Bitcoin and turn into international cryptocurrency hubs. If all the bills fail, new ones will follow.

[breakingnewss15]

Three of the 50 states of America are expected to create local Bitcoin reserves soon. The bills differ from the proposal of the American National Bitcoin Reserve and demonstrate local specifics. America is bullish on Bitcoin. Allegedly, each fifth American owns some BTC. While the U.S. President is pushing to create a strategic Bitcoin reserve, the states are working on local reserves. The Ohio and Texas proposals to create such reserves are about to pass; Pennsylvania is following their way, while other states are doing their considerations. What are the specs of the local proposals compared to the federal bill? The main distinction is that the local proposals have different end goals if compared to the federal-level proposal. The federal bill is aimed to cover the national debt and calls for purchasing one million BTC that should be stored in the U.S. Treasury.  The Texas bill is aimed at accumulating bitcoins by collecting taxes and donations in cryptocurrency. More than that, Texas has a minimum five-year embargo on selling state bitcoins. Ohio and Pennsylvania are willing to accumulate some BTC as a hedge against the eroding USD value. Bitcoins must be bought by the local treasuries. The bills don’t elaborate precisely on the terms. The Cynthia Lummis bill The Federal Reserve bill was introduced in July 2024 by Wyoming Sen. Cynthia Lummis. Her proposal is called Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act. The Lummis bill is expressly presented as a means to pay down the U.S. national debt.  Apart from national debt, Lummis mentions soaring inflation rates in the introduction and calls the creation of the reserve a Louisiana Purchase moment. Comparing huge-scale Bitcoin purchases with buying American lands in the past became a popular trope among Bitcoin maximalists. According to the Lummis proposal, Bitcoin is seen as an additional store of value in the federal balance sheet. The bill suggests that the government must establish a U.S. Treasury-controlled decentralized network of Bitcoin vaults. On top of that, the government must purchase one million BTC, which is around 5% of the total supply. The amount is dictated by the fact that the U.S. is already holding 5% of all gold. Private Bitcoin holders should be given self-custody rights.  The local bills The local bills of Texas and Ohio don’t include direct intentions to purchase a specified amount of BTC in a certain period, nor are they intended to eliminate the state debts.  The Texas bill was introduced by Texas State Representative Giovanni Capriglione on Dec. 12. The bill suggests that local residents will be able to use cryptocurrency to pay their taxes. On top of that, Texans will be able to donate cryptocurrency to the state. All the crypto is going to be exchanged for Bitcoin.  Donations, taxes, and other payments to the state agencies will be the main avenues for Texas to accumulate bitcoins. The accumulated BTC are supposed to be stored offline untouched for at least five years. Just like Lummis, Capriglione mentioned inflation as one of the biggest enemies while speaking about the need for the Bitcoin reserve. Texas has been an attractive place for Bitcoin miners due to low electricity costs and various incentives. During the CNBC interview released on Dec. 24, Centrifuge general counsel Eli Cohen noted that the implementation may turn out to be challenging. He points out that the tax authorities may find it tricky to collect taxes in BTC and identify taxpayers. If the tax authorities demand taxpayers to provide their BTC wallets, the taxpayers may feel reluctant to obey. 🚨Today, I filed HB 703 to create the Ohio Bitcoin Reserve within the state treasury! Provides state treasurer authority & flexibility to invest in #Bitcoin This legislation creates the framework for Ohio’s state government to harness the power of Bitcoin to strengthen our… pic.twitter.com/hSWas2qeQd— Derek Merrin (@DerekMerrin) December 17, 2024 On Dec. 17, the rep. Derek Merrin introduced the Ohio bill known as the Ohio Bitcoin Reserve Act. The act suggests that the Ohio treasury will set up the Bitcoin fund and will be able to invest money in Bitcoin. Bitcoin is seen as a hedge against USD devaluation. In contrast to the Lummis proposal, the bill has no mention of specific Bitcoin purchases or allocations. In 2022, Ohio had a $72.16 billion debt. It is possible that the BTC reserve could facilitate debt redemption. The bill will be worked upon further by legislators in 2025. The Pennsylvania bill was introduced back in November. Its prime suggestion is that the state will be able to invest up to 10% of the State General Fund in Bitcoin in order to fight inflation. This means that nearly one billion dollars can be spent on bitcoins.  Will these bills pass? The bills mentioned above were introduced. There is no guarantee that they will pass. On average, only 20% of the introduced state-level bills become laws. In Texas, Ohio, and Pennsylvania, this number is even lower. According to the New Healthcare Bill Acts, only 4.5% of the bills introduced to the 115th Congress became law. So, statistically, the odds are not that high. Practically, it depends on multiple factors, not least of all the persistence of the lobbyists. Cohen believes that Lummis is a strong Bitcoin advocate with decent experience, and her bill has a good chance. However, the Lummis Act can fail in Congress. It receives some criticism even within the crypto community. For instance, a passionate crypto writer Nic Carter, warns that while the Bitcoin stockpile (as a store of seized bitcoins) can be beneficial, the strategic Bitcoin reserve (as a reserve of the bitcoins acquired by the government) will not bolster the dollar price (like it is supposed by the strategic Bitcoin reserve advocates) but will do the opposite.  The reason is clear: giving Bitcoin a monetary role in the country that issues dollars is signalling the move away from an inconvertible fiat standard, i.e., questioning the dollar’s value, hence risking the role of the U.S. in the global economy. We can’t state, however, that Carter’s concerns are the current mainstream. Quite the opposite. If the strategic Bitcoin reserve is not created while the state-level reserves are successfully set, they may get a leading role in the exploration of the governmental accumulation and storage of Bitcoin and turn into international cryptocurrency hubs. If all the bills fail, new ones will follow.

[tradmais]

House Bi... https://liticoin.com/bitcoin-no-tesouro-do-estado-representante-do-texas-propoe-reserva-estrategica?feed_id=28153&_unique_id=676a35b06df95

[digicloudm]

A Bitcoin Reserve Act may end crypto’s 4-year boom-bust cycle

With speculation mounting that incoming President Donald Trump may sign an executive order declaring a Bitcoin Reserve on day one, or pass legislation to establish a Reserve during his term, many wonder if the move could lead to a crypto supercycle. Since Wyoming Senator Cynthia Lummis introduced the Bitcoin Reserve Act earlier this year, states like Texas and Pennsylvania have filed similar…

[blockchainfeed]

The Strategic Bitcoin Reserve Act seeks to combat inflation and hedge against economic volatility through Bitcoin investments. #Blockchain #Crypto

[quantarai]

Texas Proposes Creating Bitcoin Reserve by Accepting Taxes, Fees, and Donations in BTC

Texas has introduced a new bill to establish a strategic Bitcoin reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees, and donations, with the collected Bitcoin .cwp-coin-chart svg path { stroke: ; stroke-width: ; } Price Trading volume in 24h <!– ? –> Last 7d price movement held in reserve for at least five years. According to a report from CNBC, the…

[bitrss-news]

Legislation introduced in the Texas House on Thursday could put the state at the forefront of digital innovation. Republican State Representative Giovanni Capriglione proposed a bill to create a strategic Bitcoin reserve. If successful, this reserve might become a... - https://jmpto.net/dhPJR

[ericvanderburg]

Texas House Introduces Bill To Establish a Strategic Bitcoin Reserve

http://i.securitythinkingcap.com/TGmJPL

[princelysome]

Word on the street is that it will be located adjacent to the Austin Unicorn Park.

[cgnews]

Texas lawmaker proposes state-managed Bitcoin reserve for financial stability

Texas lawmakers have introduced a bill to establish a state-managed Bitcoin reserve, aiming to explore the potential role of crypto in public finance. Filed on Dec. 13 by Republican Rep. Giovanni Capriglione, the legislation would allow the state to collect taxes, fees, and donations in Bitcoin, with the assets held for at least five years. Titled “An Act Relating to the Establishment of a…

[thesocialchronicles]

Texas House of Representatives introduced a Bitcoin reserve bill amid a torrent of crypto adoption chants emboldened by Donald Trump’s Nov. 6 political success. Republican State Representative Giovanni Capriglione submitted legislation for Texas to open a strategic Bitcoin (BTC) reserve that would hold the asset for at least five years. Capriglione’s proposal, filed live during an X Spaces on Dec. 12, argued for collecting donations, taxes, and fees in Bitcoin as a bulwark against U.S. and global inflation. The Texas Rep intends to win favor from fellow policymakers, finetuning the bill to remain flexible and “as broad as possible.” Bitcoin’s 50% jump since Donald Trump accomplished “the greatest political comeback in U.S. history,” per Anthony Scaramucci, has amplified calls for a national strategic Bitcoin reserve. President-elect Trump promised to retain 100% of America’s 207,000 BTC stockpile at a Bitcoin conference in Nashville. Senator Cynthia Lummis unveiled her bill to accumulate 4% of BTC’s 21 million supply at the same event. Following the election, States vied to get ahead of federal policies. Arkansas, Louisana, Montana, Oklahoma, and Pennsylvania have passed rules to protect self-custody, mining, and peer-to-peer transaction rights. Alabama’s State Auditor General, Andrew Sorrell, proposed the state establish its own BTC reserve. Satoshi Fund Act founder Dennis Porter said as many as 12 states explored the concept. Meanwhile, skeptics like investment veteran Charles K. Bobrinskoy maintained an anti-BTC stance, calling the asset a bubble and advising against U.S. government adoption. Wealth managers such as BlackRock shared recommendations to Bobrinskoy’s view as billions followed into BTC-backed products, like spot exchange-traded funds. BlackRock said investors could allocate up to 2% to BTC, a move endorsed by Kraken vice president of Institutional Tim Ogilvie per a note shared with crypto.news via email. Cryptocurrencies – starting with Bitcoin, and now moving into Ethereum – have become cornerstones of a well-balanced portfolio. While we are still very early in the institutional adoption of digital assets, this trend toward having at least some allocation in crypto is likely to accelerate as institutions try to capture the performance. Tim Ogilvie, Kraken vice president of Institutional 2024-12-12 18:24:42 https://crypto.news/app/uploads/2023/02/crypto-news-Texas-desert-background-bright-tones-low-poly-style.jpg

[blockinsider]

Texas Legislature Proposes Bill for Strategic Bitcoin Reserve Creation

Key Points

Texas has proposed a bill to create a strategic Bitcoin reserve, allowing the state to accept Bitcoin for taxes, fees, and donations.

The proposal aims to stabilize the state’s economy and combat inflation, with Bitcoin received through the program held for a minimum of five years.

Texas is leading the way in cryptocurrency adoption with the introduction of a bill that proposes the establishment of its own strategic Bitcoin reserve. The initiative, introduced by Republican State Representative Giovanni Capriglione, would allow the state to accept Bitcoin for taxes, fees, and donations. This move signifies Texas’ commitment to financial innovation and its position as a pioneer in cryptocurrency adoption.

Stabilizing Economy and Combating Inflation

The proposed bill is designed to stabilize the Texas economy and address inflation, a significant concern in the current economic climate. Capriglione expressed his confidence in the initiative at an X Spaces event.

The proposal does not necessitate Texas to directly purchase Bitcoin. Instead, Bitcoin received through the program would be held for a minimum of five years. By building flexibility into the legislation, Capriglione aims to secure wide-ranging support, with the potential for adjustments to strengthen the bill over time.

Texas: A Strong Player in the Cryptocurrency Sector

Texas is a prominent player in the cryptocurrency sector, housing the largest concentration of Bitcoin miners in the US. The state also has the second-largest economy in the country and the eighth-largest globally. The vision includes encouraging miners and businesses to pay taxes in Bitcoin, potentially enhancing Texas’ financial and technological standing.

The proposal coincides with a growing interest in a national strategic Bitcoin reserve. Despite skepticism about the US government adopting such a reserve, states like Texas are leading the initiative. Pennsylvania recently proposed a similar reserve, and discussions are underway in 10 states and four countries to follow suit.

Increasing Momentum for Crypto-Friendly Laws

The momentum for cryptocurrency-friendly laws is on the rise. States like Oklahoma, Louisiana, and Montana have enacted laws safeguarding cryptocurrency activities such as mining and peer-to-peer transactions.

While the concept of a US Bitcoin reserve remains uncertain, it has sparked global discussions. The idea could inspire other nations to adopt similar measures, regardless of US action. For Texas, the proposed Bitcoin reserve could be a significant step towards financial innovation, reinforcing its leadership in the digital economy.