tl;dr
Texas has passed a bill allowing the state to establish a strategic Bitcoin reserve, potentially becoming the first state to do so. The reserve would hold at least $500 billion in BTC and other cryptocurrencies, aiming to enhance financial security and enable donations. If signed into law, the state...
Texas has passed a bill allowing the state to establish a strategic Bitcoin reserve, potentially becoming the first state to do so. The reserve would hold at least $500 billion in BTC and other cryptocurrencies, aiming to enhance financial security and enable donations. If signed into law, the state comptroller would manage the reserve, with the authority to acquire, exchange, and sell digital assets.
On Thursday, the Texas Senate voted 25-5 to pass Senate Bill 21, or the Texas Strategic Bitcoin Reserve and Investment Act. The legislation seeks to establish the Texas Bitcoin Reserve for the Lone Star state, or a special fund outside the state treasury that stockpiles BTC and other cryptocurrencies with a market capitalization of at least $500 billion.
If the bill is signed into law, the state comptroller would have custody of and manage the crypto reserve and would have the authority to acquire, exchange and sell digital assets.
Texas Lt. Gov. Dan Patrick sees this as a step towards making Texas a leader in the digital age. With the Senate’s approval, SB 21 will now move to the Texas House of Representatives for consideration.
Do you think other states will follow Texas's lead in establishing a strategic Bitcoin reserve, or is this approach unique to Texas?