Dennis Porter: Lawmakers Compete for Bitcoin Reserves
Dennis Porter, co-founder of the Satoshi Action Fund, announced that up to 20 Strategic Bitcoin Reserve (SBR) laws could be introduced at the state level in the USA. State lawmakers are aggressively competing to be the first to pass this legislation.
Porter shared this information on the X platform, highlighting that most of the proposed laws are based on a model developed by the Satoshi Action Fund.
The Process for Approving Bitcoin Reserve Laws
Six Steps to Enactment
According to the plan shared by the Satoshi Action Fund, most states will follow a six-step legislative process, set to begin this month. The process includes:
Bill Introduction: The bill is introduced in either the House of Representatives or the Senate.
Initial Hearing: A small group of lawmakers (typically 7 to 21 members) reviews and votes on the bill in a committee hearing.
Floor Vote: If the bill gains majority approval in the committee, it moves to a vote in the full chamber.
Consideration in the Second Chamber: The bill is then reviewed and voted on in the second legislative chamber.
Governor's Decision: Once approved by both chambers, the bill is sent to the governor for signature or veto.
Law Implementation: After the governor’s signature, the bill becomes law.
Challenges and Time Constraints
Compressed Legislative Cycles
Porter explained that most states operate on part-time legislative cycles, with sessions lasting only a few months. This creates a compressed timeline for proposals, requiring the process to move swiftly.
In states like Ohio and Pennsylvania, where sessions run year-round, the process may take longer. However, advocates are focused on expediting progress to establish strategic bitcoin reserves in multiple states by summer.
Satoshi Action Fund Targets Multiple States Simultaneously
Increasing Chances of Success
Porter emphasized that working on multiple bills across different states significantly boosts the likelihood of success. This approach helps overcome obstacles and ensures that the legislation can be passed in as many states as possible.
“The policymaking process is fraught with challenges that could derail a bill at any moment,” Porter stated. “That’s why a multi-state strategy is essential to achieve the goal.”
Goal: Strategic Bitcoin Reserves in Multiple States
Expectations for the Coming Months
According to advocates for bitcoin reserves, significant activity is anticipated in the next six months. The aim is to pass the first strategic bitcoin reserve laws by summer, strengthening bitcoin’s role as a strategic asset at the state level in the USA.
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