Texas Rep. Giovanni Capriglione Proposes H.B. No. 1598 for Strategic Bitcoin Reserve

Dec 12, 2024, 04:32 PM

Texas State Representative Giovanni Capriglione has introduced a bill, H.B. No. 1598, to the Texas House of Representatives to establish a strategic Bitcoin reserve for the state. The proposed legislation aims to build up a supply of Bitcoin, which would be held for at least five years without being sold, and would allow Texas citizens to make donations to the fund. The initiative is part of Texas's broader commitment to fostering innovation in digital assets and enhancing the state's fiscal stability. The bill's introduction comes amidst national discussions on creating a similar reserve at the federal level, with Texas aiming to lead in Bitcoin innovation. Known for its high concentration of Bitcoin miners, the state could potentially see miners paying taxes in Bitcoin, although the initial proposal does not include a direct Bitcoin purchasing strategy.