Emily Walker
Dennis Porter, who co-founded and currently chairs the Satoshi Action Fund, a non-profit organization, has announced noteworthy progress regarding Bitcoin measures at the state level in the US. On December 7, he shared on X that “a 14th state is now set to propose ‘Strategic Bitcoin Reserve’ legislation.”
Porter has previously mentioned his collaboration with 13 states on proposals aimed at creating a Strategic Bitcoin Reserve (SBR). He has played a critical role in the passage of pro-Bitcoin legislation in various states and continues to advocate for the establishment of SBRs across the US.
Timeline for Bitcoin Reserve Legislation in States
Porter elaborated that many are inquiring about the timeline for the initiation of ‘Strategic Bitcoin Reserve’ legislation at the state level. He provided a structured plan that he anticipates most states will follow. According to him, a proposed law can be introduced within either the House or the Senate of a state; after its introduction, it must go through an initial hearing with a select group of legislators who will decide its progression.
Typically, gaining a simple majority in that first hearing is necessary for the bill to move on to a full vote in the same chamber. If it achieves a simple majority there, it advances to the other chamber, where another round of hearings and votes take place.
If the second chamber approves the bill, it is forwarded to the Governor for a signature or veto. Porter emphasized the importance of this step, stating, “If the Governor signs the bill, then it becomes law.” He indicated the process can be precarious, filled with potential setbacks that could end a bill’s journey at any stage, highlighting the need for ongoing advocacy.
Porter mentioned that this month marks the beginning of legislative action in most states, stating that “in many cases, this process kicks off now. Furthermore, legislative sessions in various states end promptly.” Most states are characterized by part-time legislatures, resulting in a swift course of action over the ensuing months.
Part-time legislative sessions are typically brief, often spanning only a few months. Such tight schedules create limited opportunities for proposals to be actively debated, negotiated, and voted on, resulting in both rapid action and potential challenges.
Porter described these time constraints as a motivator for action, remarking, “The advantage of working at the state level is that there are strict deadlines. A bill progresses or fails impressively quickly.” He anticipates that by summer, many states will either have implemented a strategic Bitcoin reserve or have decided against it due to the rapid legislative cycle.
Nonetheless, Porter acknowledged that some states, such as Ohio and Pennsylvania, operate with year-round legislative processes, providing more opportunities to develop or revise legislative proposals. Although this flexibility can delay outcomes, it offers a different kind of strategic advantage.
To navigate the diverse legislative timelines, Porter indicated that the multi-state initiative is designed to address these variations by pursuing similar or identical proposals concurrently. He suggested that this strategy “significantly enhances our chances of successfully passing critical legislation like the Strategic Bitcoin Reserve,” as the success of one state can inspire and provide insights for others.
As of the latest update, Bitcoin’s value is $101,618.