According to ShibDaily, the Texas House of Representatives has moved forward with Senate Bill 21, passing it with a 101-42 vote on its third reading. This development brings Texas closer to establishing an official Bitcoin reserve, pending approval from Governor Greg Abbott. If signed into law, the bill would empower the Texas comptroller to manage the reserve, focusing on cryptocurrencies with a market capitalization exceeding $500 billion over the past year. Currently, Bitcoin is the sole digital asset meeting this criterion.
Texas State Representative Giovanni Capriglione, a proponent of Bitcoin, emphasized the significance of the bill's passage, viewing it as a pivotal step in positioning Texas as a leader in the digital economy. He remarked on the state's embrace of modern assets with traditional properties, highlighting the potential future benefits. Should Governor Abbott approve SB 21, Texas would join New Hampshire as the second U.S. state to establish a state-backed cryptocurrency reserve.
The momentum for Bitcoin reserves has been bolstered by U.S. President Donald Trump's executive order to create a national Bitcoin reserve and cryptocurrency stockpile. This has sparked interest among various U.S. states and countries in exploring similar initiatives. Recently, Panama City Mayor Mayer Mizrachi expressed support for a municipal Bitcoin reserve after discussions with El Salvador's Bitcoin policy advisors. However, Mizrachi did not provide further details on the matter.
Despite growing support for Bitcoin reserves, many regions remain cautious. The United Kingdom has rejected plans for a national Bitcoin reserve, with Emma Reynolds MP, Economic Secretary to the Treasury, stating that Bitcoin acquisition is not part of the UK's financial strategy. Similarly, Arizona Governor Katie Hobbs vetoed legislation for a crypto reserve, facing criticism from local and federal officials.
As discussions on state-backed cryptocurrency reserves continue, these initiatives are expected to influence broader debates on the role of digital assets in public finance and economic policy. The article emphasizes that it is for informational purposes only and advises readers to conduct their own research and consult financial advisers before making investment decisions.
