Legislation was introduced in the Texas House of Representatives on Thursday to establish a strategic bitcoin reserve, which could serve as a proving ground for the U.S. Treasury.
The Texas bill aims to provide a way to strengthen the state's fiscal stability and establish it as a leader in bitcoin innovation, according to the Satoshi Action Fund, a nonprofit bitcoin advocacy group that worked with Capriglione on the bill.
"A strategic bitcoin reserve, investing in bitcoin, would be a win-win for the state."
"I just filed the bill ... entitled 'An act relating to the establishment of a bitcoin reserve within the state treasury of Texas and the management of cryptocurrencies by governmental entities,'" he said later.
The drumbeat for a national strategic bitcoin reserve – one of President-elect Donald Trump's crypto-friendly campaign promises – has grown louder since the election.
Persons:
Giovanni Capriglione, Satoshi, Capriglione, Donald Trump's, –, Bitcoin
Organizations:
U.S . Treasury, Republican
Locations:
Texas, bitcoin, U.S, cryptocurrency