From Investing.com

December 12, 2024 4:31:05 pm:

Texas State Representative Giovanni Capriglione has introduced the Texas Strategic Bitcoin Reserve Act, aiming to establish a reserve fund for holding Bitcoin as a financial asset.

The bill defines key terms like “Bitcoin,” “cryptocurrency,” and “custody,” highlighting Bitcoin’s decentralized nature and potential as a hedge against inflation.

The Texas comptroller would manage the reserve, accepting Bitcoin donations and developing security protocols, with regular audits and reports for transparency.

Bitcoin held in the reserve must be stored for at least five years before any transfers or conversions, with detailed reports on holdings, growth, and security threats.

The comptroller may issue certificates and recognition for donors, accept other cryptocurrencies for state payments, and compensate departments for received Bitcoin.

The Act requires a two-thirds majority vote for immediate effect, otherwise taking effect in 2025 and expiring in 2035.

Read more at Investing.com: Texas rep proposes strategic Bitcoin reserve for state treasury By Investing.com