A Texas Home Committee has handed a Republican-backed invoice to create a Bitcoin reserve, which now solely wants a profitable full ground vote earlier than heading to the governor’s desk.
The Texas Home Committee on Supply of Authorities Effectivity handed Senate Invoice 21 with no amendments on Could 7 in a 9-4 vote alongside celebration traces. The invoice has already handed the Texas Senate, in a 25-5 vote on March 6.
SB 21 would set up the “Texas Strategic Bitcoin Reserve,” managed by the state’s comptroller — at present Glenn Hegar — who could be permitted to put money into digital belongings which have obtained a market cap of at the least $500 billion over the past twelve months, which might at present solely embody Bitcoin (BTC).
Republican Senator Charles Schwertner initially launched SB 21 in January as a Bitcoin-only invoice.
Nevertheless, the invoice was refiled to incorporate the potential inclusion of different digital belongings in February.
Bitcoin Legal guidelines founder Julian Fahrer mentioned on X that the destiny of SB 21 must be decided earlier than June 2, when the Texas legislature adjourns.
If the invoice sees a profitable full ground vote, it will head to Governor Greg Abbott’s desk. Abbott expressed his need to make Texas the “crypto capital” of the US in November and accepted Bitcoin donations as a part of his marketing campaign in 2014
Two Bitcoin reserve payments now signed into regulation
The Texas vote comes the identical day as Arizona Governor Katie Hobbs signed a invoice into regulation that allowed the state to maintain unclaimed crypto and set up a Bitcoin and Digital Asset Reserve Fund that gained’t use taxpayer or state funds.
The state also can stake deserted crypto to earn rewards or obtain airdrops, which might then be deposited into its crypto fund.
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New Hampshire Governor Kelly Ayotte additionally signed Home Invoice 302 into regulation days earlier on Could 6, permitting the state’s treasury to make use of funds to put money into cryptocurrencies with a market cap of greater than $500 billion.
Florida, nevertheless, eliminated two Bitcoin reserve payments on Could 3 — a day when state lawmakers handed 230 payments starting from prohibiting placing fluoride in water, defending state parks, and banning smartphone use in faculties.
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