Texas set to launch Bitcoin reserve in landmark crypto bill
|Texas may soon become the second U.S. state with a strategic Bitcoin reserve, following a strong House vote on a groundbreaking bill.
Texas is on the verge of creating its own Bitcoin reserve, as the state’s House of Representatives has passed Senate Bill 21 with a 101-42 vote. The bill, which previously cleared the Senate 25-5, now heads to Governor Greg Abbott, who is widely expected to sign it into law due to his long-standing support for cryptocurrency.
If enacted, the law empowers the state’s comptroller to manage a Bitcoin reserve and invest in any cryptocurrency with a market cap of over $500 billion in the past year—a threshold only Bitcoin currently meets. The bill’s backers argue that this move positions Texas as a digital leader and financial innovator.
This comes as part of a broader national trend where 47 similar bills have emerged across 26 states, although not all have succeeded. While New Hampshire has already implemented a reserve, recent proposals in Arizona, Florida, and Montana were blocked due to concerns over crypto’s volatility.
With a GDP of $2.7 trillion, Texas could significantly influence the crypto space if it moves forward with this initiative. Governor Abbott, known for accepting Bitcoin campaign donations and promoting Texas as a hub for crypto mining, is likely to give his approval soon.
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