Official announcement from the Texas State Legislature or Governor's office

Texas Introduces H.B. No. 1598 Strategic Bitcoin Reserve Bill, Supported by Senator Bill Hagerty, to Enhance Fiscal Stability

Dec 12, 2024, 11:57 PM

Texas has introduced legislation to establish a Strategic Bitcoin Reserve, spearheaded by State Representative Giovanni Capriglione. The proposed bill, known as H.B. No. 1598, aims to make Texas a leader in cryptocurrency adoption by allowing the state treasury to invest directly in Bitcoin (BTC). This initiative is designed to enhance fiscal stability and will require that the assets be held for a minimum of five years. The legislation has garnered support from U.S. Senator Bill Hagerty, who emphasizes the importance of the U.S. being at the forefront of this movement. Other states, including Pennsylvania, are also considering similar legislation, indicating a growing trend among U.S. states to adopt Strategic Bitcoin Reserve measures. The bill also allows for Texas citizens to contribute to the fund, further engaging the public in the state's cryptocurrency strategy.