A bill introduced in the Texas Legislature would allow Texans to use bitcoin to pay their taxes and even make political contributions and charitable donations.
The Texas Strategic Bitcoin Reserve Act has bipartisan support, one of the bill's cosponsors told NewsNation.
Supporters of the bill believe it could set a precedent for the country and the U.S. Treasury, while allowing the Lone Star State to begin building a bitcoin reserve, NewsNation reported.
The reserve would be held for a minimum of five years.
Texas GOP State Rep. Giovanni Capriglione said to NewsNation cryptocurrency is creating new jobs in the state and that bitcoin has created an ecosystem around the state.
Other states have proposed similar legislation to Texas. Pennsylvania introduced a Strategic Bitcoin Reserve bill last month and discussions are ongoing in 10 states and four countries about cryptocurrency legislation, NewsNation reported.
President-elect Donald Trump's incoming administration has been a supporter of cryptocurrency. Since Trump's election, the prices of bitcoin are up by more than 45% since Nov. 5, NewsNation reported.
Trump has called for lighter regulations regarding cryptocurrency and plans to have a crypto czar as part of his administration, NewsNation said.
Eric Trump, Trump's son, said there is an overdue need for sensible regulatory action of the cryptocurrency industry.
"The people in the crypto industry are frustrated that no one's ever put together a sensible plan as to how to regulate an industry," Trump told CNBC. "They're fine with regulation, but they just want guidelines, and they've said that. We will have a clear road map, and hopefully, the rest of the world follows that. Hopefully, we can lead by example, because that's what we should do as Americans.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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