Official records from the Texas State Legislature

Texas Lawmaker Proposes H.B. No. 1598 for Strategic Bitcoin Reserve, Aligning with Trump's Crypto Agenda

Dec 12, 2024, 04:47 PM

Texas State Representative Giovanni Capriglione, who chairs the Texas Pensions, Investments, and Financial Services Committee, has introduced legislation, H.B. No. 1598, to establish a strategic Bitcoin reserve for the state. The bill aims to accumulate Bitcoin through taxes, fees, and donations, with the cryptocurrency to be held for a minimum of five years. This move is intended to enhance Texas's fiscal stability and position it as a leader in Bitcoin innovation, especially as the state boasts the eighth largest economy in the world and hosts the highest concentration of Bitcoin miners in the U.S. Capriglione, who announced the bill during an X Spaces event, emphasized its potential to protect against inflation. The initiative does not involve the direct purchase of Bitcoin with taxpayer funds but rather encourages voluntary contributions from Texans. This legislative effort follows similar proposals in other states and aligns with President-elect Donald Trump's crypto-friendly campaign promises, which have spurred discussions about a national strategic Bitcoin reserve.