Earlier today a Texas State Rep. Giovanni Capriglione introduced H.R. 1598, The Texas Strategic Bitcoin Reserve Act, a critical piece of legislation for the States crypto ambitions. It goes much further than previous states have gone with crypto and Bitcoin in that the proposed bill would enable the state to start building a strategic bitcoin reserve. The reserve would be built from BTC donations from Texas residents and allow state agencies to accept crypto from taxes, fees, etc. and convert it into BTC.

This could serve as a great proving ground for the U.S. by allowing them to see how the rollout goes and address any issues that arise. The bill stipulates the BTC MUST be kept for at least 5 years, ensure biannual reports, and establishes rules for security, donations, and management. Given the State has the second-largest economy in the US and eighth in the world it would be a monumental move. Texas also benefits from having the largest concentration of miners in the world so the expertise is right there for the state to take advantage of!

Currently 10 states in the US have bills proposed to create state level stockpiles and four countries have also don't the same. Who is the first mover will be interesting to see as I think Texas has a clear advantage to be a first mover here given the expertise and the Texas state government being a trifecta government state.