Texas Proposes Bill to Build a Bitcoin Reserve
A Texas state representative has drafted a bill to establish a Bitcoin reserve in the state’s treasury. The legislation, named the “Texas Strategic Bitcoin Reserve Act,” was filed on Dec. 12 and proposes that the comptroller hold Bitcoin as a reserve asset for at least five years.
Texas residents and governmental entities can choose to donate their BTC to the reserve, rather than it being seized by authorities.
According to the Texas Blockchain Council, no taxpayer funds will be used for purchasing Bitcoin, as it will be acquired through donations from residents, US-based companies, and other state resources.
The bill requires a two-thirds majority in both the Texas Senate and House to pass and is currently scheduled for consideration at the start of the 89th regular session on Jan. 14.
