Bitcoin advocate hints at ‘strategic reserve’ laws in 10 US states

Satoshi Act Fund founder Dennis Porter announced that many US states are preparing to propose legislation for sovereign Bitcoin reserves.

To highlight President Donald Trump’s Bitcoin (BTC) promise, Porter lobbied local policymakers in 10 states to pass legislation targeting BTC stocks. Porter explained the development via an X thread, highlighting the Satoshi Act Fund organization’s efforts to pass Bitcoin-focused legislation.

I can now officially confirm and announce that 10 states in the great United States of America will be implementing ‘Strategic Bitcoin Reserves’ legislation. We will win with Bitcoin. We will lead the world. No one will come close. The word will follow our lead.

Dennis Porter, founder and CEO of Satoshi Act Fund

The publicly traded BTC backer also announced a joint meeting with Wyoming Senator Cynthia Lummis about the BITCOIN ACT, suggesting that Porter is meeting with federal lawmakers to position the US as the Bitcoin leader.

Lummis’ proposal envisages the transfer of 207,000 BTC seized by the authorities to the Ministry of Treasury. The senator also pushed for the conversion of US gold certificates to fund BTC purchases and accumulate one million coins within five years.

“The race is on. Let the game theory begin,” Porter tweeted, referring to President Trump’s plan to create a government-owned BTC stockpile from America’s current $19 billion herd.

I believe I will pass Strategic Bitcoin Reserve legislation at the state level before @realdonaldtrump. The only way he can win is if he issues an executive order in his first week in office.

The race begins.

Let the game theory begin.

— Dennis Porter (@Dennis_Porter_) December 3, 2024

Nations, states and governments are rushing to snap up some of BTC’s fixed supply of 21 million following Trump’s victory in the presidential election. In the US, Pennsylvania has already passed a bill legalizing BTC payments and self-custody of cryptocurrencies. The state also introduced a bill in November paving the way for its own BTC reserve.

On the international front, the Brazilian Senate has considered offering a national BTC reserve to President Luiz Inácio Lula da Silva, Crypto.news reports. Congressman Eros Biondini presented the idea to the Brazilian House of Representatives.