Dennis Porter, co-founder and CEO of the Satoshi Action Fund (SAF), announced a new ‘Strategic Bitcoin Reserve’ bill. The legislation aims to establish Bitcoin reserves at the state level. Porter confirmed this in a post on X, adding that there is near certainty of its passage in some states.
This announcement follows the approval of the ‘Bitcoin Rights’ bill by the Pennsylvania House of Representatives. Notably, the Satoshi Action Fund drafted the legislation, aiming to educate lawmakers on Bitcoin, blockchain technology, and their regulatory implications. SAF has played a role in drafting similar bills in 20 states, with four of them, including Oklahoma and Arkansas, becoming a law.
The new reserve bill seeks to create frameworks for integrating Bitcoin into state financial strategies. This includes provisions for accepting taxes, fees, and donations in Bitcoin. Recently, Texas introduced its strategic Bitcoin reserve bill. The State Representative, Giovanni Capriglione, stated the bill is a step to strengthen Texas’s fiscal stability and Bitcoin leadership. The initial draft proposes holding Bitcoin for at least five years within the state treasury.
The Satoshi Action Fund’s initiatives align with a broader interest in global Bitcoin reserves. Further, Porter predicted that by 2025, one G7 and one BRICS country will adopt Bitcoin as a strategic reserve asset. The proposed reserve bill comes as President-elect Donald Trump reiterates his crypto-friendly agenda. He has pledged to maintain and expand the U.S. government’s Bitcoin holdings during his administration.
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Texas has the highest concentration of Bitcoin miners in the U.S. The state could use the reserve bill to facilitate payments and bolster the local economy. States like Pennsylvania and Texas are leading efforts to establish Bitcoin reserves, while discussions for similar bills are underway in 10 other U.S. states and four countries worldwide.
Earlier this year, Wyoming Senator Cynthia Lummis proposed a strategic national Bitcoin reserve at the federal level. Also, Trump stated that Bitcoin reserves should be considered as an asset in the strategic stockpile of the United States. SAF remains in active cooperation with lawmakers to get the Bitcoin-focused legislation passed.
Bitcoin’s price has surged over 45% since Trump’s election victory. Analysts speculate that announcements about Bitcoin reserves could further boost its market value. The SAF expects its bill to boost state-level adoption of Bitcoin.
