Are they Strategic Bitcoin Reserves?
A debate over the framing of proposed state legislation has captured the Bitcoin communities attention. At it’s core, the discussion centers on whether these bills should be labled as “Bitcoin Strategic Reserve” (SBR) bills.
@Astro raised concerns over the language and intent of the bills refered to as “Bitcoin Strategic Reserve” legislation. According to Astro, many of these bills do not exclusively focus on Bitcoin and instead use terms like “ digital assets,” “stablecoins,” and “staking as a service”
Astro shared examples to support his claims:
New Hampshire HB 302: Mentions “any digital assets with a $500 billion market cap” and includes lanuage about staking.
Utah: Refers to “certain digital assets” without explicitly mentioning Bitcoin.
Massachusetts: Includes the term SBR but broadens the scope to other digital assets and stablecoins.
Ohio HB 713: Dubbed the “Ohio Strategic Cryptocurrency Reserve Act,” it mentions digital assets without a clear Bitcoin focus.
North Dakota HB 1184: Proposes investments in both digital assets and precious metals.
Pennsylvania HB 2664: Mentions Bitcoin and other digital assets, leaving room for interpretation
Astro argued that labeling these bills as “Bitcoin Strategic Reserve” legislation is misleading since they do not exclusively protect or promote Bitcoin.
Dennis Porter Clarifies the Strategy
In response, Dennis Porter defended the approach, explaining the strategy behind the proposed bills:
“Our goal has always been to craft legislation with the highest likelihood of passing, while ensuring that it protects and promotes Bitcoin, ”
He points out that some bills use “tech-neutral”, or market-cap thresholds to avoid legislative gridlock and opposition from well-funded crypto companies.
Porter’s response
Politically viable, tech-neutral language helps pass legislation.
Market cap thresholds are set high enough to ensure only Bitcoin qualifies.
Previous successes include laws protecting self-custody, mining rights, node operation, and peer-to-peer transactions.
Labeling the bills as "Bitcoin Strategic Reserve" reflects their intent to integrate Bitcoin into state reserves, even if broader language is used.
Astro’s Rebuttal
Astro remained firm in the critique, noting that the bills merely “enable” treasuries to invest in Bitcoin but do not mandate it. If passed, treasuries could still favour other assets like Ethereum, Stablecoins, or even Gold, undermining Bitcoin’s prominence.
