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- Bitcoin Reserve Bill Passes in Texas, Could Make it the Third State with State-Managed Bitcoin Reserve.
- If signed by Governor Abbott, Texas will join New Hampshire in managing a state Bitcoin reserve.
- SB 21 aims to make Texas a leader in blockchain innovation, strengthening its role in the expanding crypto industry.
Texas appears to be getting close to becoming the third state in the U.S. with a state-supervised Bitcoin reserve. SB 21, the Texas Strategic Bitcoin Reserve and Investment Act, was approved by the House of Representatives in a vote of 101-42. The bill has moved to Governor Greg Abbott for his signature, which will set a key direction for digital assets in Texas.
SB 21 would authorize the state comptroller to consider investing in Bitcoin and some digital assets, all of which had a market cap of more than $500 billion in the last 12 months. So far, Bitcoin is the only digital asset that matches this requirement. The law requires Texas to create a formal reserve of Bitcoin, giving it more financial options and solidifying its place in digital finance.
Governor’s Key Decision
State Senator Charles Schwertner introduced the bill, and Representative Giovanni Capriglione offered strong backing in the House. The lawmakers argue that the initiative will allow Texas to lead in digital progress and with blockchain technology. They explain that adopting Bitcoin will make the country’s finances stronger and a major part of the growing crypto industry.
By signing the bill, Governor Abbott would make Texas the second state, alongside New Hampshire, to manage a Bitcoin reserve. The legislature in Arizona is exploring a similar decision, yet there have been recent blocks of similar laws in both Arizona and Montana. According to the governors, the unpredictability of cryptocurrency markets suggests they carry certain financial risks.
Bitcoin’s Impact on Finance
Texas is well-regarded for having friendly laws that support crypto in the state. As the eighth biggest economy in the world, Texas is actively helping digital assets by initiating regulations and policies. In years past, Governor Abbott has claimed he accepts Bitcoin for his political funds. The state views embracing new technologies as important for its future growth in the economy.
As Bitcoin continues its upward trend, SB 21 makes its way into law. The surge in Bitcoin’s worth proves it is becoming more popular as a financial asset, supporting Texas’s decision to move into the world of cryptocurrencies.
If SB 21 becomes law, Texas will become a leading state in digital finance. A Bitcoin reserve will bring more opportunities for investment and help improve the state’s finances as the world moves more toward digitalization.
