In a move to embrace digital assets, Texas State Representative Giovanni Capriglione has introduced a bill aimed at establishing a strategic reserve. The proposed legislation, known as the Texas Strategic Bitcoin Reserve Act, seeks to create a special fund within the state treasury specifically for holding Bitcoin as a financial asset.
The bill outlines the definitions relevant to the reserve, including “Bitcoin,” “cold storage,” “cryptocurrency,” and “custody.” It emphasizes the decentralized nature of Bitcoin and its potential as a hedge against inflation, aligning with Texas’s commitment to fostering innovation in digital assets.
The Texas Strategic Bitcoin Reserve would be managed by the state comptroller, who would be responsible for the secure storage, management, and reporting of the Bitcoin assets. The comptroller would also have the authority to accept Bitcoin donations from Texas residents or governmental entities, with the aim of promoting shared ownership…
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