Senator Charles Schwertner submitted pioneering legislation that would provide for the establishment of this country’s first state-level Strategic Bitcoin Reserve.
Senator Charles Schwertner submitted pioneering legislation that would provide for the establishment of this country’s first state-level Strategic Bitcoin Reserve.
| Key Takeaways: – Senator Charles Schwertner introduced Senate Bill 778, aiming to establish the first state-level Strategic Bitcoin Reserve in the U.S. – Oklahoma, Pennsylvania, North Dakota, and New Hampshire are also introducing legislation to integrate Bitcoin into state finances. |
Schwertner said Senate Bill 778 will make Texas the leader in this emerging financial strategy and create a component of the state’s budget or economy.
The move is also considered part of a broader Republican push. State leaders have urged the adoption of Bitcoin at the state level as part of their financial moves.
Meanwhile, similar moves are in the making in other states. Oklahoma Representative Cody Maynard introduced House Bill 1203, or the “Strategic Bitcoin Reserve Act,” which would commit state pension funds and savings accounts to Bitcoin.
In November 2024, lawmakers in Pennsylvania suggested investing as much as 10% of the state Treasury’s assets in Bitcoin. Representative Mike Cabell says Pennsylvania might be on track with major asset managers such as BlackRock and Fidelity.
North Dakota and New Hampshire finally joined this winter, proposing Bitcoin reserve bills within early January 2025. For New Hampshire’s legislation, using the catch-all term “digital assets” has paved the way for the development of interest in more cryptocurrencies than Bitcoin alone.
At the moment, 13 U.S. states are considering Bitcoin reserve legislation. There is a gradual development of recognition of digital assets as a mainstream element to be used in financial policy at the state level.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
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