In Texas, State Senator Charles Schwertner introduced a bill aiming to position Bitcoin as a reserve asset. This legislation would enable the state to collect taxes, fees, and donations in Bitcoin. Schwertner’s initiative, known as SB 778, seeks to make Texas the first state to establish such a reserve, making use of its substantial budget surplus to lead in this emerging financial space.
“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve,” Schwertner announced on X, emphasizing the state’s ambition to be a pioneer in adopting Bitcoin at the state level.
It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve. This would position our state at the… pic.twitter.com/dRdCt86Otr
— Charles Schwertner (@DrSchwertner) January 15, 2025
This push aligns with Republican efforts to integrate Bitcoin into strategic financial planning as President-elect Donald Trump’s January 20 inauguration approaches.
Similarly, Oklahoma is making strides with its own Bitcoin reserve proposal. Representative Cody Maynard introduced House Bill 1203, dubbed the Strategic Bitcoin Reserve Act, which advocates for allocating part of the state’s pension funds and savings accounts to Bitcoin. Maynard described Bitcoin as a safeguard against inflation, emphasizing its role in preserving purchasing power and promoting financial freedom.
The movement toward adopting Bitcoin as a strategic reserve is gaining momentum across multiple states. In late 2024, Pennsylvania lawmakers proposed that the state Treasury invest up to 10% of its assets in Bitcoin, drawing inspiration from private asset managers like BlackRock and Fidelity.
More recently, North Dakota and New Hampshire have introduced similar Bitcoin reserve bills, with New Hampshire’s legislation potentially opening the door to broader cryptocurrency adoption by using inclusive language like “digital assets.”
Currently, 13 US states are considering Bitcoin reserve legislation, reflecting a significant shift in the perception of Bitcoin’s role in public finance. This trend is not confined to the US, with countries such as Japan, Switzerland, and Russia exploring ways to incorporate Bitcoin into their financial systems.
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