Texas has launched its state-managed Bitcoin fund after Governor Greg Abbott signed Senate Bill 21 into law, making it the third U.S. state to do so. This Strategic Bitcoin Reserve aims to bolster the state's financial stability by acting as a safeguard against inflation and economic fluctuations. The state comptroller is empowered to manage investments within the reserve, which can acquire Bitcoin through various means, including direct purchases, forks, airdrops, or donations. However, any digital asset must have an average market capitalization of at least $500 billion over 24 months, a criterion currently met only by Bitcoin. The reserve's assets will be secured according to institutional standards, with the comptroller required to work with qualified custodians. An advisory committee will oversee operations, but the comptroller retains ultimate authority. The legislation mandates biannual public reports on the reserve's status and performance. Unlike other states, Texas ensures the reserve's permanence, protecting it from future legislative changes. Read more AI-generated news on: https://app.chaingpt.org/news

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