The Texas Blockchain Council announced new legislation by Texas representative Giovanni Capriglione that proposes adding Bitcoin to the state's treasury holdings. Capriglione is the Chairman of Texas House Pensions, Investments, and Financial Services Committee. 

The bill, HB 1598, is a significant step in the adoption of digital assets at the state government level, according to the Texas Blockchain Council. 

"This landmark legislation positions Texas at the forefront of digital innovation in the United States," said Lee Bratcher, Founder and President of the Texas Blockchain Council. He also praised Chairman Capriglione for his efforts in advancing digital asset innovation in Texas. 

In November, Fox Business reported that Pennsylvania state lawmakers introduced similar legislation that would allow its state treasury to hold Bitcoin on the balance sheet to create a Bitcoin reserve. 

During his campaign, president-elect Trump said he intended to create a U.S. Strategic Bitcoin Reserve and make the U.S. the "crypto capital of the world." In recent weeks, he nominated entrepreneur and investor David Sacks to be the White House's Crypto Czar. 

Federally, Wyoming Senator Cynthia Loomis introduced the Bitcoin Act Act of 2024 which would establish the Strategic Bitcoin Reserve for the federal government. 

The Texas legislation, according to the press release, results from years of collaboration between lawmakers and industry experts. It aims to integrate Bitcoin into state-level treasury management without using taxpayer funds. Instead, donations from Texans, U.S.-based companies, and other existing state resources will be used to start the fund. 

The Texas legislature begins on Jan. 14, 2025.