A big announcement has been made regarding Bitcoin’s role in US state finances. Dennis Porter, head of the Satoshi Act Fund, says ten states are about to introduce laws creating Strategic Bitcoin Reserves (SBRs).
State-Level Bitcoin Reserves
This isn’t just talk. The Satoshi Act Fund already helped Pennsylvania pass a law allowing the state to invest up to 10% of its money in Bitcoin. Now, they’re aiming for a tenfold increase in states with similar legislation.
Porter made the announcement on X (formerly Twitter), emphasizing the ambitious goal and the need for funding to make it happen. Passing these laws across multiple states requires significant resources for travel and lobbying efforts. He’s launched a fundraising campaign with a $500,000 goal, with early donations matched.
Beyond SBRs: A Broader Bitcoin Agenda
The fundraising isn’t just for SBRs. The Satoshi Act Fund also wants to:
- Pass laws protecting Bitcoin users’ rights, including the right to mine, self-custody, and run a Bitcoin node.
- End what they call “Operation Chokepoint 2.0,” which they claim involves banks cutting off Bitcoin-related businesses.
They’re confident in their success, pointing to their track record: They’ve already passed four Bitcoin-related bills in four different states, introduced over 30 bills in more than 20 states, sent 200,000 letters to lawmakers, and given over 20 testimonies at public hearings.
A Race Against Time?
Porter even added a competitive edge to the announcement, mentioning President-elect Donald Trump’s own stated intention to establish a federal SBR. He declared a race to see who can implement SBR legislation first – him at the state level, or Trump via executive order.
Upcoming Announcement with Senator Lummis
There’s more to come. Porter announced a joint appearance with Senator Cynthia Lummis (who introduced the Bitcoin Act of 2024, proposing a federal SBR) to share a major update on the progress of Strategic Bitcoin Reserves. This event will be livestreamed on X.
At the time of this writing, Bitcoin was trading at $95,375.
