The governor posted it on his official X account on May 22, about a day after the legislature approved a bill to create a strategic Bitcoin reserve in Texas.
Texas Governor Greg Abbott has shown his support for a bill recently passed by the state House of Representatives that would establish a strategic cryptocurrency reserve.
In a post on X from May 22, Abbott published an article from Techstory about Texas state lawmakers' efforts to create a Bitcoin reserve
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. The history indicated that the decision for the approval of SB 21, the bill in question, now rests on Abbott's shoulders, approximately three months after its introduction.
Since taking office, Abbott has referred to himself as "supportive of the cryptocurrency bill" in 2021 and suggested he would support policies to establish Texas as the "cryptocurrency capital" by 2024. Texas was one of the few state governments that proposed establishing a strategic cryptocurrency reserve after the 2024 federal elections.
On May 6, New Hampshire Governor Kelly Ayotte was the first to sign a Bitcoin reserve bill. Arizona Governor Katie Hobbs later approved a law allowing the state to claim unclaimed crypto property. Some jurisdictions have rejected efforts to pass similar legislation, with about half of the 50 state governments considering a Bitcoin reserve.
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At the federal level, President Donald Trump signed an executive order (EO) in March for a "Strategic Bitcoin Reserve" and a "Digital Assets Reserve," but Congress had not codified the order until May 23. Wyoming Senator Cynthia Lummis has led efforts in the chamber to pass the Innovation, Technology, and Competitiveness Boost Act through Optimized National Investment, or BITCOIN, reintroduced a few days after Trump's EO.
Since March 11, the bill has been sent to the Senate Banking Committee, and it was unclear whether the chamber would consider a vote or when it would do so. The Senate is likely to first proceed with the debate on a bill to regulate payment stablecoins, the GENIUS Act, and some lawmakers anticipate a vote for Memorial Day, May 26.
Texas Governor Greg Abbott has signaled support for a bill recently passed by the state House of Representatives that would establish a strategic cryptocurrency reserve.