A committee of the Texas House has approved a GOP-supported bill aimed at establishing a Bitcoin reserve. The legislation now requires just a full chamber vote before moving on to the governor’s office.
The Texas House Committee on Delivery of Government Efficiency approved Senate Bill 21 without modifications on May 7 with a vote of 9 to 4.
vote
along partisan lines. The bill has already
passed the Texas Senate
, with a 25-5 vote on March 6.
SB 21 would create the “Texas Strategic Bitcoin Reserve,” managed by the state’s comptroller — currently Glenn Hegar — who could choose to invest in digital assets with a minimum market capitalization of $500 billion over the past year. At present, this criterion applies solely to Bitcoin.
BTC
).
Republican Senator Charles Schwertner first presented SB 21.
In January, concerning only Bitcoin legislation.
However, the
bill was refiled
to incorporate the possible addition of other digital assets starting in February.
Bitcoin Law creator Julian Fahrer
said
On X, the decision regarding the future of SB 21 must be made prior to June 2, when the Texas legislature concludes its session.
Should the legislation pass a full-floor vote, it will then be sent to Governor Greg Abbott’s desk.
expressed
His wish to establish Texas as the “crypto hub” of the U.S. back in November and
accepted
Bitcoin contributions as part of his campaign in 2014
Two Bitcoin reserve laws have been officially enacted.
The voting in Texas occurs on the same day as when Arizona Governor Katie Hobbs does something similar.
approved legislation as law
This enabled the state to retain unclaimed cryptocurrency and set up a Bitcoin and Digital Asset Reserve Fund that wouldn’t rely on taxpayer or state money.
The state may also claim deserted cryptocurrency to generate earnings or profits.
receive airdrops
, which can subsequently be added to its cryptocurrency fund.
Related:
Swedish legislator suggests Bitcoin reserves to financing secretary
The governor of New Hampshire, Kelly Ayotte, likewise put her signature on it.
The House passed HB 302 into law.
a few days before May 6, enabling the state’s treasury to utilize resources for investing in cryptocurrencies having a market capitalization exceeding $500 billion.
Florida, however,
took out two Bitcoin backup notes
On May 3 – a day when state legislators approved 230 bills covering everything from preventing the addition of fluoride to drinking water, safeguarding state parks, and implementing bans on using smartphones in educational settings.
Magazine:
Adam Back believes that the Bitcoin price cycle will be ’10 times larger’ and feels ‘sympathy’ for those who bought into ETFs.
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