In the face of ongoing speculation concerning an American bitcoin strategic reserve, several US States are taking matters into their own hand.
“It’s time for Texas to lead the way in establishing a strategic bitcoin reserve,” Charles Schwertner of Texas wrote on Wednesday, “X”.
According to the GOP’s proposed bill, bitcoin is a digital currency of great value “with strategic potential for enhancing this state’s financial resilience.” The decentralized nature of the product and its finite availability are “unique qualities that can serve as a hedge against inflation and economic volatility.”
This draft bill appears to be a rehash of a proposal made by Rep. Giovanni Capriglione in the Texas House last month.
Reserve would be the reserve “special fund” Outside the general revenue fund of state treasury. The comptroller will be in charge of securing the BTC. The comptroller may hire a US-based third part to assist with the cold storage.
The Texas legislature — by a two-thirds majority vote in each house — can direct the comptroller to transfer, sell or convert the reserve’s BTC. This would deposit the proceeds into a different state fund or account.
A lawmaker in Oklahoma, Cody Maynard, introduced a bill that would allow the Oklahoma state treasurer (and any other public official) to invest funds into BTC, stablecoins, or digital assets with a market capitalization of more than $500 billion for the calendar year prior.
These purchases may be funded by the general fund, revenue stabilization or constitutional reserve fund. Amount invested in BTC by the state cannot be more than 10% of public funds.
The proposals are similar to those made by Pennsylvania, New Hampshire North Dakota and others.
Trump’s promise to retain the BTC that the federal government currently possesses is the least he can do.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
