Texas Advances Bitcoin Reserve Fund Legislation
The texas Senate has overwhelmingly approved Senate Bill 21 with a 24-7 vote. This decision moves the state closer to establishing a Bitcoin reserve fund. The bill now heads to Governor greg Abbott for signature.
Senator Schwertner was pleased with the vote, stating the new Texas Strategic Bitcoin Reserve will be managed by the state’s Comptroller of Public Accounts. This financial move positions Texas as the third state to adopt an official Bitcoin reserve, following New Hampshire and arizona.
Enhancements were made to the bill during the legislative process. These changes include provisions allowing the Comptroller to partner with financial professionals to increase the fund’s versatility.
- Altcoins must now maintain a $500 billion market cap for two years.
- The Comptroller cannot use the reserve for lending or staking activities.
- Voluntary cryptocurrency contributions to the fund are disallowed.
With numerous blockchain startups and mining operations in Texas,the state is a leader in cryptocurrency adoption. This legislation reflects a trend among state governments exploring cryptocurrency for financial diversification.
New Hampshire’s model influenced texas legislators, especially in assessing and including other digital assets beyond Bitcoin.The $500 billion threshold is one of the most stringent among state-level cryptocurrency initiatives.
