Texas state Senator Charles Schwertner has proposed a bill, SB 778, to establish a strategic Bitcoin reserve in the state. Schwertner emphasizes Texas's potential leadership role in the cryptocurrency space, aiming to recognize Bitcoin as a valuable digital asset that can bolster financial resilience against inflation and economic stability. The bill includes provisions for secure storage, management, cold storage, and regular audits to ensure transparency and security, with funding limited to 1% of Texas's general revenue for Bitcoin purchases. This initiative follows a similar proposal by Representative Giovanni Capriglione, which allows for public donations of Bitcoin to the reserve. Other states, including Oklahoma and Pennsylvania, are introducing their own strategic Bitcoin reserve proposals, indicating a growing trend among states to explore Bitcoin as a financial asset.

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