💥 Texas Rep Proposes Strategic Bitcoin Reserve Act 💥
Yo, big news from Texas, fam! State Rep. Giovanni Capriglione just dropped a draft bill that could make Bitcoin a legit part of the state’s reserves. 🚀
Dubbed the "Texas Strategic Bitcoin Reserve Act", this proposal suggests that the state treasury hold BTC as a reserve asset for at least five years. What’s the kicker? Texans can contribute voluntarily to this fund. No taxes, no government-mandated BTC buys, just pure grassroots vibes. 🙌
Here’s the lowdown:
Residents and "government entities" can donate Bitcoin to the fund.
No confiscated crypto will be included in the reserve, unlike what some other national strategies have proposed.
The Texas Blockchain Council is hyping this up, saying the BTC fund will run purely on donations from Texas residents, U.S. companies, and other resources. No public tax dollars in the mix—smart move to keep the critics at bay. 🛡
Now, before it becomes law, the bill (HB 1598) needs a two-thirds majority in both the Texas Senate and House. The state legislature won’t reconvene until Jan 14, so this could be a hot topic for 2024. 🔥
If this passes, Texas could cement its spot as the crypto capital of the U.S. 🤠💎
What do you think? Is this a bold move toward financial freedom or just another political flex? Drop your takes below! 👇