The U.S. State-Level Bitcoin Strategic Reserve (SBR) competition welcomes new developments as Texas is poised to become the third state in the U.S. to hold cryptocurrency reserves.
Recently, Texas state legislators have advanced the Bitcoin Strategic Reserve (SBR) bill to its final stage. If successfully passed, the state will become the third in the U.S. to have cryptocurrency reserves, following Arizona and New Hampshire, which have previously passed similar legislation.
On Wednesday, the Texas House Government Efficiency Committee approved Senate Bill 21 (SB 21) with a vote of 9 to 4, marking a critical phase for the bill. Two months ago, the bill also achieved an overwhelming victory in the Texas Senate with a vote of 25 to 5.
It is reported that the bill was proposed by State Senator Charles Schwertner, and it plans to allow the state auditor to invest in crypto assets with a market value of at least $500 billion within the past 12 months.
Pierre Rochard, CEO of Bitcoin Bond Company, expressed optimism about Texas's SBR, but the current major issue is the uncertainty regarding the amount of BTC that needs to be acquired. Schwertner previously submitted Bill 778, which aimed to limit purchases to $500 million per year, but the subsequent SB 21 bill removed this limitation and expanded the range of covered crypto assets.
According to Julian Fahrer, founder of Bitcoin Law, the Texas legislature will adjourn on June 2nd, so the final decision on SB 21 will be revealed in the next three weeks. If passed by the House, the bill will be submitted to the governor for approval or veto.
Meanwhile, prior to this, New Hampshire Governor Kelly Ayotte signed House Bill 302, allowing up to 5% of public funds to be invested in digital assets with a market value of at least $500 billion; Arizona Governor Katie Hobbs signed Bill 2749, permitting the transfer of unclaimed assets into cryptocurrency reserves.
Do you think Texas can pass the Bitcoin Strategic Reserve (SBR) bill in June? Are you optimistic about the policy actions in the Bitcoin reserve competition among major states in the U.S.?
