The Texas House of Representatives has passed Senate Bill 21, introduced by Sen. Charles Schwertner and sponsored in the House by Rep. Giovanni Capriglione, to establish a state-run Strategic Bitcoin Reserve. The bill, which cleared its third and final reading with a vote of 101-42, now awaits a concurrence vote on House amendments before being sent to Governor Greg Abbott for his signature. The Governor has 20 days to sign or veto the bill, with inaction resulting in the bill becoming law without a signature.
If signed into law, Texas would become the third U.S. state, after New Hampshire and Arizona, to officially adopt a Bitcoin reserve as part of its treasury management. The legislation allows the state comptroller to acquire Bitcoin using surplus General Revenue, subject to reporting rules similar to those for gold bullion held in the Texas Bullion Depository. The bill mandates that the state can only invest in cryptocurrencies with a market capitalization of no less than $500 billion, positioning Bitcoin as a qualifying asset.
The passage of the bill reflects Texas’s role as a pro-crypto policy leader in the U.S., with the state aiming to leverage Bitcoin as a strategic asset to hedge against inflation. The Texas Blockchain Council, led by Lee Bratcher, has been a proponent of the bill, viewing it as a move to position Texas at the forefront of the digital economy. At the time of the bill’s passage, Bitcoin’s price was reported at $109,219, and similar reserve efforts are being considered in over 24 other states.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
#Texas #House #Passes #Senate #Bill #Establish #Bitcoin #Reserve #Awaiting #Governors #Signature #Days
