Key Points
- Several U.S. states are planning to propose legislation for sovereign Bitcoin reserves.
- Dennis Porter, Satoshi Act Fund founder, has been lobbying local policymakers for Bitcoin stockpiles across 10 states.
Dennis Porter, the founder of Satoshi Act Fund, recently revealed that a number of U.S. states are gearing up to propose laws for independent Bitcoin reserves.
Proposed Bitcoin Legislation
In an effort to stay ahead of President Donald Trump’s promise regarding Bitcoin (BTC), Porter has been persuading local decision-makers to introduce laws for Bitcoin reserves in 10 state jurisdictions. This information was shared by Porter through an X thread, outlining the efforts of his organization, Satoshi Act Fund, in passing Bitcoin-centric laws.
Porter stated, “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. We are going to win with Bitcoin. We will lead the world. No one will come close. The world will follow our lead.”
Joint Discussion with Wyoming Senator
In addition to this, Porter, a public Bitcoin supporter, also announced a collaborative discussion with Wyoming Senator Cynthia Lummis about her BITCOIN ACT. This suggests that Porter has been engaging with federal lawmakers to position the U.S. as a global leader in Bitcoin.
Lummis’s proposal involves transferring 207,000 BTC seized by authorities to the Treasury Department. She also advocated for the conversion of U.S. gold certificates to finance Bitcoin purchases and accumulate one million coins over a span of five years.
Porter tweeted, “The race is on. Let the game theory begin,” referring to President Trump’s plan to establish a government Bitcoin reserve from America’s existing $19 billion stash.
Following Trump’s victory in the presidential elections, nations, states, and governments are rushing to acquire portions of Bitcoin’s 21 million fixed supply. Pennsylvania, within the U.S., has already passed a bill legalizing Bitcoin payments and crypto self-custody. The state also introduced a bill in November that would pave the way for its own Bitcoin reserve.
On an international level, Brazil’s Senate considered proposing a national Bitcoin reserve to President Luiz Inácio Lula da Silva. Congressman Eros Biondini put forth this idea to Brazil’s Chamber of Deputies.