- With the “Pennsylvania Bitcoin Strategic Reserve Act,” the state is gearing as much as reserve as much as 10 % of its funds in Bitcoin.
- The laws was launched yesterday, aided by the Satoshi
Pennsylvania has introduced new legislation to allow the state to create a strategic bitcoin reserve from its Treasury. The “Pennsylvania Bitcoin Reserve Act 2024” (HB 2664) would be the first of its kind in the United States, heralding the actualization of President Trump’s proposal of a national Bitcoin reserve that will abate inflation and project the country above others in tech and innovation.
Introduced by Rep. Mike Cabell, the bill is more or less a follow-up to a previous bill – the Bitcoin Rights Bill (House Bill 2481) – which passed the House in October, but has yet to make it through the Senate. The Bitcoin Rights bill saw an overwhelming bi-partisan support of 176-26, underscoring the state’s enthusiasm about Bitcoin and the digital asset economy.
According to Cabell, “The Pennsylvania Bitcoin Strategic Reserve Act is a visionary step toward securing our state’s financial future,”
“By integrating Bitcoin into our reserves, we’re not only protecting Pennsylvania from inflation’s relentless impact but also positioning our state as a leader in financial resilience and innovation.”
Once enacted, the novel strategic reserve act will allow the state to set aside 10 percent of its billion-dollar treasury and invest it in Bitcoin as a hedge against inflation.
Meanwhile, behind the scenes of this new legislation was the Satoshi Action Fund, a Bitcoin advocacy organization that helped Pennsylvania lawmakers craft and structure the bill. The same organization also helped with the Bitcoin Rights bill in Pennsylvania, Louisiana, Oklahoma, and many other US states.
Dennis Porter, CEO of the Satoshi Act Fund stressed the importance of the new bill:
“Bitcoin acts as a check and balance against monetary debasement. With a strategic Bitcoin reserve, the state of Pennsylvania can protect its economy and its people from inflation and financial hardship,” said Porter.
“We are proud to help the state of Pennsylvania to be the first in the nation to introduce this groundbreaking legislation.”
Porter made it clear that the bill would not only favor Pennsylvania’s economy but will set an example for all other states and countries looking for new ways to suppress inflation.
Satoshi Action Fund has also launched a “’Strategic Bitcoin Reserve’ model legislation’” and has made it available for everyone to send to their lawmakers. The response has been massive, with over 50,000 letters sent out by Americans to their lawmakers in just 3 hours, per Porter.
The Pennsylvania Bitcoin Strategic Reserve Act aligns with President Trump’s vision for a national Bitcoin reserve that will help mitigate inflation and sustain the United State’s position as the global digital asset leader.
In July, Republican Senator, Cynthia Lummis, introduced the Bitcoin Act of 2024 in accordance with President Trump’s proposal. However, Porter of the Satoshi Act Fund believes the state-level bitcoin reserves will precede the national stockpile.