US States Prepare to Propose Legislation for Sovereign Bitcoin Reserves

Satoshi Act Fund founder Dennis Porter announced that several U.S. states are preparing to propose legislation for sovereign Bitcoin reserves.

Founder of the Satoshi Act Fund, Dennis Porter, has announced that several states in the U.S. are preparing to introduce legislation for sovereign Bitcoin reserves.

In an attempt to preempt President Donald Trump’s Bitcoin (BTC) promise, Porter has lobbied local policymakers to introduce legislation for BTC stockpiles across 10 state jurisdictions. Porter disclosed the development via an X thread, highlighting efforts from his Satoshi Act Fund organization toward passing Bitcoin-focused laws.

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 word will follow our lead.

Dennis Porter, Satoshi Act Fund founder and CEO

The public BTC supporter also announced a joint discussion with Wyoming Senator Cynthia Lummis regarding her BITCOIN ACT, suggesting that Porter has engaged federal lawmakers to position the U.S. as a Bitcoin leader.

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Lummis’ proposal would transfer 207,000 BTC seized by authorities to the Treasury Department. The Senator also pushed to convert U.S. gold certificates to finance BTC purchases and accumulate one million coins over five years.

“The race is on. Let the game theory begin,” Porter tweeted, referring to President Trump’s plan to establish a government BTC stockpile from America’s existing $19 billion horde.

I am convinced I will pass Strategic Bitcoin Reserve legislation at the state level before @realDonaldTrump. The only way he wins is if he does an executive order the very first week he is in office. The race is on. Let the game theory begin.

— Dennis Porter (@Dennis_Porter_) December 3, 2024

Nations, states, and governments are rushing to grab portions of BTC’s 21 million fixed supply following Trump’s victory at the presidential polls. Within the U.S., Pennsylvania already passed a bill legalizing BTC payments and crypto self-custody. The state also introduced a bill paving the way for its own BTC reserve in November.

On the international front, Brazil’s Senate considered pitching a national BTC reserve to President Luiz Inácio Lula da Silva, as reported by crypto.news earlier.

Congressman Eros Biondini submitted the idea to Brazil’s Chamber of Deputies.

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