🎉Texas Legislative Breakthrough: Lifting Bitcoin Purchase Limits and Advancing the Establishment of Unlimited State Bitcoin Reserves
Recently, Texas State Senator Charles Schwertner reintroduced a bill named "SB 21" that removes the previous annual limit of $500 million on Bitcoin purchases. If this proposal passes, it means Texas can make large-scale investments in Bitcoin and other eligible crypto assets.
The latest version of the bill was announced on February 12, replacing the previous SB 778 proposal. Compared to before, SB 21 not only removes the purchase limit but also expands the range of investments, allowing investments in crypto assets that have maintained a market capitalization of at least $500 billion in the past 12 months (currently only Bitcoin meets this condition).
Senator Schwertner stated on X: "Thanks to Lieutenant Governor Dan Patrick for listing SB 21 as one of the Senate's top 40 priority bills. This bill will make Texas the first state to establish a strategic Bitcoin reserve, promoting innovation, growth, and financial freedom!"
The previous SB 778 bill had restrictions on Bitcoin purchase amounts and strict regulations. However, SB 21 removes these restrictions, giving more control to financial experts rather than directly to state legislators. Pierre Rochard, Vice President of Research at Riot Platforms, also praised the new legislative text of SB 21, stating that the legislature could freely allocate funds to reserve BTC instead of the previous annual limit of $500 million.
Texas is one of 19 states in the U.S. assessing cryptocurrency legislation. Arizona and Utah have already advanced similar bills to the House committee level, while North Dakota has vetoed related legislation. North Carolina has recently also proposed a measure allowing the state to invest in Bitcoin exchange-traded products (ETPs).
In summary, the potential passing of the SB 21 bill in Texas, which removes purchase limits and expands the range of investments, marks the state's leading position in the cryptocurrency field. This move not only reflects Texas's positive attitude towards cryptocurrency investments but also indicates the increasing importance of Bitcoin in public financial policy strategies.
If Texas becomes the first state to establish a strategic Bitcoin reserve, what impact will it have on the cryptocurrency market?
