Texas lawmaker proposes Bitcoin reserve bill for state treasury

A Texas lawmaker has introduced a bill to establish a Bitcoin (CRYPTO:BTC) reserve as part of the state's treasury.

The proposed “Texas Strategic Bitcoin Reserve Act” was filed on December 12 by Representative Giovanni Capriglione.

Under the bill, the state's comptroller would hold Bitcoin as a reserve asset for at least five years.

The legislation also suggests that Texas residents and governmental entities could voluntarily donate their Bitcoin to the reserve.

Unlike proposals for national Bitcoin reserves, the bill does not mention Bitcoin that might be seised by authorities.

The Texas Blockchain Council, a crypto advocacy group, emphasised that taxpayer funds would not be used to purchase Bitcoin for the reserve.

Instead, the Bitcoin would come from voluntary donations by Texas residents, US-based companies, and other existing state resources.

“No taxpayer funds will be spent on buying Bitcoin in order to maximise the chances of the bill passing,” said the Texas Blockchain Council.

The bill, HB 1598, would require a two-thirds majority in both the Texas Senate and House to pass.

However, the state legislature is not scheduled to reconvene until January 14, when the 89th regular session begins.

This proposal follows similar efforts in other states, such as Alabama and Pennsylvania, to establish Bitcoin reserves.

These bills emerged after the 2024 US elections, in which Republicans gained control of the presidency and Congress.

During his presidential campaign, Donald Trump suggested exploring a "strategic national Bitcoin stockpile," which could influence these state-level initiatives.

At the time of reporting, the Bitcoin (BTC) price was $99,539.83, ranked #1.