PANews reported on December 13 that according to CNBC, on Thursday, the Texas House of Representatives proposed legislation to establish a strategic Bitcoin reserve that could serve as a testing ground for the U.S. Treasury Department. Republican Congressman Giovanni Capriglione announced at the X Spaces event on Thursday that the bill would allow the state to establish a strategic Bitcoin reserve by accepting taxes, fees and donations in the form of Bitcoin, and would hold it for at least five years.

Satoshi Action Fund, a nonprofit Bitcoin advocacy organization that worked with Capriglione to develop the bill, said the Texas bill is designed to provide a way to strengthen the state's financial stability and make it a leader in Bitcoin innovation. Capriglione said: "Inflation may be the biggest enemy of our investment. Building a strategic Bitcoin reserve and investing in Bitcoin will be a win-win for the country." Texas is not only the second largest economy in the United States and the eighth largest economy in the world, but also the region with the highest concentration of Bitcoin miners in the United States.