Senators in Texas have overwhelmingly approved the Strategic Bitcoin Reserve Bill, which calls for the addition of $BTC and top coins to state coffers.
Senators in Texas have passed the Strategic Bitcoin Reserve Bill, which is considered a landmark move in the country.
The speed with which the bill scaled through the various readings shows the forward-thinking nature of lawmakers at a time when US states are trying to gain dominance.
According to an update on Bitcoin laws, the SB 21 bill passed third reading by a vote of 101-42.
Texas Bitcoin Reserve Bill, Now What?
According to the X-Post, the bill is likely to become law now that it has been sent to Governor Greg Abbott for approval.
In the Republican-controlled Senate, the SB 21 bill passed third reading with a majority vote of 101–42.
Specifically, the bill seeks to authorize the creation of a Texas Strategic Bitcoin Reserve. It will act as a dedicated fund managed by the state controller to invest in cryptocurrencies with a market capitalization of at least $500 billion.
Although only Bitcoin fulfills this condition, other digital currencies that influence the market capitalization may be added soon.
The bill advanced to its third reading earlier this week, setting it up for history in the state.
Governor Greg Abbott is a known supporter of Bitcoin, and the current consensus favors his signing the bill.
The Texas Bitcoin update comes as Bitcoin’s price breaks an all-time high. After days of trading around the $106,000 resistance level, $BTC made a breakout a few hours ago and is currently undergoing price discovery.
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