Texas advances plans to build a state-managed Bitcoin reserve following House approval of Senate Bill 21 by a strong majority vote.
The bill restricts investment to digital assets with a $500 billion market cap, making Bitcoin the only currently eligible option.
Texas strengthens its crypto-friendly stance amid rising Bitcoin values and growing national attention to blockchain investments.
Texas is set to create its own Bitcoin payment system after the House voted 101–42 in favor of Senate Bill 21. Next, the bill will go to Governor Greg Abbott for his final approval. If Texas signs the bill, it would join only two other states with a Bitcoin investment reserve.
The bill allows the state comptroller to add Bitcoin and any digital asset valued at over $500 billion over the past year to the state’s assets. Now, Bitcoin is the only cryptocurrency that fulfills this condition. Legislation includes plans for the state to set up a formal reserve to support different types of investment.
Leaders in the States Stress Innovation and Smart Use of Money
Charles Schwertner, the senator who championed the bill, and Giovanni Capriglione, who led its progress in the House, explained that it is a move to strengthen Texas’s digital finance industry. Both officials pointed out how crucial it is for the industry to embrace advances in financial technology.
https://twitter.com/Bitcoin_Laws/status/1925237428237083049
The state of Texas approves of digital currencies. The governor has openly backed crypto efforts and has welcomed contributions made in Bitcoin for previous political campaigns. The bill fits with the broader aim by helping to grow the state's economy using blockchain-based assets.
Texas Would Be Among the First to Adopt Cryptocurrency.
Should it become law, Texas will become the third state to hold a Bitcoin reserve alongside New Hampshire and possibly Arizona. Likewise, there have been obstacles to progress on similar plans in other parts of the country. In Arizona and Montana, governors have vetoed similar measures, worried about the unpredictable behavior of digital markets.
The passing of this legislation is happening after prices for Bitcoin rose noticeably. New legislative measures are being introduced because Bitcoin prices recently went above $109,000. This progress is making state authorities consider choosing Bitcoin as part of their funds.
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