Original author: Stephen Katte
Original title: Texas taking baby steps toward strategic Bitcoin reserve: Satoshi Action Fund
Original source: Cointelegraph
Compiled by: Koala, Mars Finance
Dennis Porter, CEO of the Satoshi Action Fund, said a Texas lawmaker has begun discussions about introducing strategic Bitcoin legislation at some point in the future.
Strategic Bitcoin reserve legislation is the subject of preliminary discussion among Texas lawmakers, according to nonprofit advocacy group Satoshi Action Fund (SAF).
During a speech at the North American Blockchain Summit in Texas on Nov. 21, SAF CEO Dennis Porter said the organization had spoken with a lawmaker who had just “begun discussions about introducing strategic Bitcoin legislation in Texas,” Cointelegraph reported.
“The impact of Texas moving forward with strategic bitcoin reserve legislation cannot be overstated,” Porter said.
Porter said Texas is the world's eighth-largest economy, with a GDP of $2.4 trillion in 2022 according to the Texas Comptroller, and that establishing a strategic Bitcoin BTC reserve in the state would have a huge impact.
There has been some action on the concept elsewhere in the U.S. Senator Cynthia Lummis introduced a bill in July to establish a strategic reserve of bitcoin, which, if approved, would create a bitcoin fund to hedge the national debt.
Pennsylvania lawmakers have also introduced legislation in the state’s House of Representatives that would allow its treasury to hold up to 10% of its balance sheet in Bitcoin as a hedge against inflation.
However, Porter said that in addition to protecting against inflation, strategic Bitcoin reserves at the national and state levels would help ensure Bitcoin mining in the United States.
“So a great way to protect ourselves from outside influence, from undue influence by foreign adversaries, is to go into the market and buy and sell bitcoin and act as a shock absorber for all of the wonderful bitcoin miners that we have in this country,” Porter added.
According to Porter, the Bitcoin reserve is comparable to other important decisions that helped shape the modern United States, such as the Louisiana Purchase, the Mexico Conference, and the purchases of Florida and Alaska.
During his campaign, President-elect Donald Trump made a number of cryptocurrency-related promises, including establishing a “strategic bitcoin reserve.”
Since then, the idea has spread like wildfire. Porter said the issue is "gaining momentum" and people are racing to see who can pass strategic reserve legislation first. He also took this stance on X before the event.
"We're just so glad to have this kind of campaign, and no matter who wins, we're all winners, right?" Porter said.
On the international stage, Polish presidential candidate Sławomir Mentzen pledged in a Nov. 17 statement to X that he would build up a Bitcoin reserve if he wins next year’s election.
