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Dennis Porter, co-founder of Satoshi Action Fund, has shared a groundbreaking revelation regarding the potential introduction of up to 20 “Strategic Bitcoin Reserve” bills at the state level in the United States. According to Porter’s statement, lawmakers are competing aggressively to make this happen first.
Notably, the vast majority of these bills will be based on the Satoshi Act Fund’s Strategic Bitcoin Reserve (SBR) models. This development comes as a significant step forward for the adoption and regulation of cryptocurrencies at the state level.
The process, it seems, is well underway, with Porter revealing that most states will follow a structured six-step legislative process to introduce these bills. The six steps are as follows:
1. Bill Introduction: A bill is introduced in either the state House or Senate.
2. Initial Hearing: A small group of lawmakers, typically 7-21, will review and vote on the bill in a committee hearing.
3. Floor Vote: If the bill secures a simple majority in the hearing, it moves to a full chamber vote.
4. Second Chamber Review: The bill advances to the other legislative chamber (House or Senate) for a similar hearing and vote.
5. Governor’s Decision: If both chambers approve the bill, it is sent to the Governor for signature or veto.
6. Becomes Law: Upon the Governor’s signature, the legislation becomes law.
Porter emphasized that the policy process can be challenging, stating that “it’s filled with potential land mines that could kill a bill at any moment.” To mitigate this risk, Satoshi Action Fund is focused on introducing multiple bills in multiple states simultaneously.
The compressed timeline for these bills is attributed to most states operating on part-time legislative cycles, with sessions often lasting only a few months. As such, the process must move swiftly.
Advocates are expecting significant activity over the next six months, aiming to establish strategic Bitcoin reserves in several states by summer. It is also worth noting that some states have year-round legislatures, which may impact the timeline for these bills.
The potential introduction of up to 20 Bitcoin Reserve Bills at the state level is a massive step forward for the cryptocurrency industry and its adoption.
Source: http://www.cryptonewsz.com
