Satoshi Act Fund founder Dennis Porter announced that several U.S. states are preparing to propose legislation for sovereign Bitcoin reserves.
In an attempt to front-run President Donald Trumpโs 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 โStrategic Bitcoin Reservesโ 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 supported 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.
Lummisโs 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.
โThe race is on. Let the game theory begin,โ Porter tweeted, referring to President Trumpโs plan to establish a government BTC stockpile from Americaโs existing $19 billion horde.
Nations, states, and governments are rushing to grab portions of BTCโs 21 million fixed supply following Trumpโs 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, Brazilโs Senate considered pitching a national BTC reserve to President Luiz Inรกcio Lula da SilvaCongressman Eros Biondini submitted the idea to Brazilโs Chamber of Deputies as crypto.news reported.
