Summary
- The US is currently in a race to pass the Strategic Bitcoin Reserve legislation into law.
- Multiple states could implement the law before Trump makes it a reality.
The crypto industry in the US and various politicians are making efforts to pass the Strategic Bitcoin Reserve bill into law, even before Donald Trump signs the executive order to make this a reality.
Satoshi Act Fund CEO Makes Efforts to Pass the Law in Multiple States
The co-founder and CEO of Satoshi Act Fund shared a post on X earlier today, saying that he’s now in a race to pass the Strategic Bitcoin Reserve legislation into law even before the newly elected US President Donald Trump can sign an SBR executive order.
He also said that he will probably pass this law in multiple states before Trump has time to make this a reality.
On November 18, Porter shared another post via X, saying that he heard the Trump team is considering an Executive Order for a National Strategic Bitcoin Reserve in order to prevent any state from passing it into law first. He also confirmed that the US Senate offices are baking up this plan.
For now, the Pennsylvania House of Representatives proposed a bill to hold BTC as a state reserve asset.
Porter also announced that the bill by Senator Cynthia Lummis is the 4th most viewed bill in the entire country.
The crypto industry in the US believes that this is the most important and stringent one of the necessities for the entire sector which is poised to see essential changes under the new Trump administration.
BlackRock also addressed the matter in recent official notes.
A Renewed Sense of Optimism for Bitcoin
In Bitcoin and crypto-related notes, BlackRock described BTC as an emerging asset with unique demand drivers stemming from its features as a finite supply, alternative monetary asset.
The firm also noted that besides the macro environment, there is a renewed sense of optimism that regulatory clarity for BTC and crypto may emerge following the US elections. They also mentioned that Trump campaigned on maintaining a Strategic Bitcoin Reserve, among others.
However, it’s important to mention that regulatory clarity and strategic support for Bitcoin are huge steps for the entire blockchain ecosystem.
Today, BTC recorded a significant price surge close to its previous ATH, fueled by optimism and other important metrics and indicators. At the moment of writing this article, BTC is trading close to $93,000, with prospects of surpassing $100,000 soon.