Ten US states to propose Strategic Bitcoin Reserve legislation, allowing up to 10% state funds in Bitcoin. Satoshi Act Fund leads this bold initiative.
According to Dennis Porter, CEO and co-founder of the Satoshi Act Fund, ten US states are about to introduce legislation to create a Strategic Bitcoin Reserve (SBR) at the state level. The Strategic Bitcoin Reserve Act, which allows the state to invest up to 10% of its finances in Bitcoin, was first introduced in Pennsylvania thanks mainly to the Satoshi Act Fund.
Ten US States Will Establish a Strategic Bitcoin Reserve.
On December 3, Porter said via X, “I can now formally confirm and announce that ten states will be introducing ‘Strategic Bitcoin Reserves’ legislation here in the great United States of America.” ” With Bitcoin, we will prevail. We will lead the world. Nobody will even approach. The rest of the world will follow our example.
Porter pleaded for funding and emphasized the difficulties in enacting similar legislation in several states. “It will take a lot of travel to pass laws in ten states,” he said. If we have the money, we can pass legislation. Here’s where you can assist. He announced a 60-day target to raise $500,000, with the first $50,000 to be matched, and referred supporters to the donation page at donorbox.org/500kmatch.
The Satoshi Act Fund’s funding drive seeks to accomplish several important goals. These include setting up SBRs in several states, enacting laws protecting the rights to mine, self-custody, and operating a node, and concluding “Operation Chokepoint 2.0,” which entails debanking businesses connected to Bitcoin. As part of this campaign, the non-profit organization asserts that “governments in the USA will be buying Bitcoin in less than six months.”
To increase trust in their objective, Porter highlighted the organization’s history. The Satoshi Act Fund was the first to introduce SBR legislation, has introduced more than 30 measures in more than 20 states, and has already passed four bills into law in four separate states. Additionally, they have advocated for Bitcoin in more than 20 public hearings and submitted 200,000 letters to lawmakers around the country.
Porter also mentioned an impending announcement with US Senator Cynthia Lummis, who presented the Bitcoin Act 2024, which intends to purchase one million bitcoins over five years to create a government SBR. “I’ll be sharing a significant update on the status of strategic bitcoin reserves with US Senator Cynthia Lummis in less than 48 hours. He wrote on X, “Bitcoin is winning in the USA.” The X Space event is set for tomorrow at 4 p.m. EST.
Porter contrasted his efforts with President-elect Donald Trump, who, earlier this year, at the Bitcoin 2024 conference in Nashville, pledged to create an SBR, expressing a feeling of urgency and competition. “Before Donald Trump, I am certain I will enact SBR legislation at the state level. He can only win if he issues an executive order during his first week in office. The race has begun. “Let’s start with the game theory,” he said.
Bitcoin was worth $95,375 at the time of writing.
