Dennis Porter, co-founder of Satoshi Action Fund has revealed that up to 20 ‘Strategic Bitcoin Reserve’ bills will be introduced at the state level and there may even be multiple bills in the same state. Porter further added that lawmakers are competing aggressively to make it happen first.
In a X post, Porter shared this revelation as he highlighted that the vast majority of these bills will be based on Satoshi Act Fund’s Strategic Bitcoin Reserve (SBR) models.
Satoshi Act Fund Co-founder : 20 Bitcoin Reserve State Bills
People often ask me: “when will the process start for ‘Strategic Bitcoin Reserve’ legislation at the state level”.
I will break down what to expect over the coming months. In most states, it will follow the 6 step process below:
1. A bill can be introduced in the House or the…
— Dennis Porter (@Dennis_Porter_) January 7, 2025
According to a detailed explanation shared by the Satoshi Action Fund, most states will follow a structured six-step legislative process, beginning as early as this month.
The Six-Step Process for Bitcoin Reserve Bills Include:
- Bill Introduction: A bill is introduced in either the state House or Senate.
- Initial Hearing: A small group of lawmakers, typically 7 to 21, will review and vote on the bill in a committee hearing.
- Floor Vote: If the bill secures a simple majority in the hearing, it moves to a full chamber vote. Porter explained, “If it started in the House then it will move to the Senate and vice versa.”
- Second Chamber Review: The bill advances to the other legislative chamber (House or Senate) for a similar hearing and vote.
- Governor’s Decision: If both chambers approve the bill, it is sent to the Governor for a signature or veto.
- Becomes Law: Upon the Governor’s signature, the legislation becomes law.
Porter added, “Ultimately, the policy process is a lot of work. It’s filled with potential land mines that could kill a bill at any moment. This is also why we at @SatoshiActFund are so keen on having multiple bills in multiple states at the exact same time. It dramatically increases the odds that we will get critical legislation like ‘Strategic Bitcoin Reserve’ across the finish line.”
Porter further shed light on how most states operate on part-time legislative cycles, with sessions often lasting only a few months. As a result, the timeline for these bills is compressed, and the process must move swiftly. Advocates expect significant activity over the next six months, aiming to establish strategic Bitcoin reserves in several states by summer. In states with year-round legislatures, such as Ohio and Pennsylvania, the process may take longer.
Also Read: Breaking: US State of Ohio Introduces Bitcoin Reserve Act
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