Dennis Porter, CEO and co-founder of the Satoshi Act Fund, announced that ten US states are ready to introduce legislation to establish a strategic bitcoin reserve (SBR) at the state level. Notably, the Satoshi Act Fund played a key role in introducing the Bitcoin Strategic Reserve Act in Pennsylvania for the first time, which allows the state to invest up to 10% of its funds in BTC.

10 US states have decided to create a strategic Bitcoin reserve

“I can now officially confirm and announce that 10 states will be introducing “Bitcoin Strategic Reserve” legislation here in the great United States of America,” Porter decided via X December 3. “We will win with Bitcoin. We will lead the world. No one will come close. The world will follow our lead.”

Porter highlighted the logistical challenges of passing such legislation in multiple states and appealed for financial support. “It will take a lot of travel to get legislation passed in 10 states,” he noted. “We can pass laws if we have the funds. You can help here.” He directed supporters to a fundraising page at donorbox.org/500kmatch, announcing his goal to raise $500,000 in 60 days, with the first $50,000 to be donated.

The Satoshi Act Fund’s fundraising campaign aims to achieve several key goals. These include the establishment of SBRs in multiple states, the passage of BTC rights legislation that guarantees the right to mine, self-custody and run a node, and the end of “Operation Chokepoint 2.0” which includes the debanking of BTC-related companies. The nonprofit claims that under this initiative, “governments will be purchasing Bitcoin in the U.S. in less than six months.”

Porter highlighted the organization’s achievements to augment confidence in its mission. The Satoshi Act Fund has already passed four bills in four different states, was the first to introduce SBR legislation, and has introduced over 30 bills in over 20 states. They also sent 200,000 letters to lawmakers across the country and presented over 20 testimonies at public hearings advocating for BTC.

Additionally, Porter made an upcoming announcement alongside U.S. Senator Cynthia Lummis, who introduced the Bitcoin Act of 2024, which aims to establish a federal SBR through the purchase of 1 million BTC over five years. “In less than 48 hours, I will join U.S. Senator Cynthia Lummis to share an important update on progress on the Strategic Bitcoin Reserve. Bitcoin wins in the US,” he wrote on X. The event is scheduled as X Space tomorrow at 4 p.m. EST.

HUGE ₿REAKING: I can confirm that I will be joining a U.S. Senator in less than 48 hours @CynthiaMLummis to share an vital update on the progress of “Strategic Bitcoin Reserves”.

Bitcoin wins in the US. 🇺🇸 https://t.co/iIylERPnky

— Dennis Porter (@Dennis_Porter_) December 3, 2024

Expressing a sense of urgency and competition, Porter compared his efforts to those of President-elect Donald Trump, who promised to create an SBR at the Bitcoin 2024 conference in Nashville earlier this year. “I am confident that I will pass SBR legislation at the state level before Donald Trump. He will only win if he implements the executive order in the first week of his term. The race is on. Let’s start with game theory,” he said.

At the time of publication, the BTC price was $95,375.

Featured image created with DALL.E, chart from TradingView.com