Bitcoin Reserve Legislation Will Be Introduced In 10 US States
Source: Bitcoinist
Dennis Porter, CEO and Co-Founder of the Satoshi Act Fund, has announced that ten US states are poised to introduce legislation to establish a Strategic Bitcoin Reserve (SBR) at the state level. Notably, the Satoshi Act Fund was instrumental in Pennsylvania’s first-ver introduction of the Bitcoin Strategic Reserve Act, which permits the state to invest up to 10% of its funds in BTC.
10 US States Set To Establish A Strategic Bitcoin Reserve
“I can now officially confirm and announce that 10 states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United States of America,” Porter declared via X on December 3. “We are going to win with Bitcoin. We will lead the world. No one will come close. The world will follow our lead.”
Porter highlighted the logistical challenges of passing such legislation across multiple states and appealed for financial support. “Passing laws in 10 states will require a lot of travel,” he noted. “We can pass bills if we have the funds. This is where you can help.” He directed supporters to the fundraising page at donorbox.org/500kmatch, announcing a 60-day goal to raise $500,000, with the first $50,000 to be matched.
The Satoshi Act Fund’s fundraising campaign aims to achieve several key objectives. These include establishing SBRs across multiple states, passing BTC rights legislation that guarantees the right to mine, self-custody, and run a node, and ending “Operation Chokepoint 2.0” which involves the debanking of BTC related companies. The non-profit organization claims that “governments will be buying Bitcoin in the USA in less than six months” as part of this initiative.
Porter emphasized the organization’s track record to bolster confidence in their mission. The Satoshi Act Fund has already passed four bills into law in four different states, was the first to introduce SBR legislation, and has made over 30 bill introductions across more than 20 states. They have also sent 200,000 letters to lawmakers nationwide and provided over 20 testimonies at public hearings advocating for BTC.
In addition, Porter announced an upcoming announcement with US Senator Cynthia Lummis who introduced the Bitcoin Act of 2024 which aims to establish a federal SBR by buying 1 million BTC over five years. “In less than 48 hours, I will join US Senator Cynthia Lummis to share a major update in the progress for Strategic Bitcoin Reserves. Bitcoin is winning in the USA,” he wrote on X. The event is scheduled as an X Space tomorrow at 4 pm EST.
MASSIVE ₿REAKING: I can confirm that in less than 48 hours, I will join U.S. Senator @CynthiaMLummis to share a major update in the progress for ‘Strategic Bitcoin Reserves’.
Bitcoin is winning in the USA. 🇺🇸 https://t.co/iIylERPnky
— Dennis Porter (@Dennis_Porter_) December 3, 2024
Expressing a sense of urgency and competition, Porter compared his efforts to those of President-elect Donald Trump who has vowed to establish a SBR at the Bitcoin 2024 conference in Nashville earlier this year. “I am convinced I will pass SBR legislation at the state level before Donald Trump. The only way he wins is if he does an executive order the very first week he is in office. The race is on. Let the game theory begin,” he stated.
At press time, BTC traded at $95,375.
Featured image created with DALL.E, chart from TradingView.com
