Texas Advances Bill for Establishing Bitcoin Reserve

The Texas House of Representatives has approved Bill SB 21, which establishes a strategic reserve for the foremost cryptocurrency.

The measure received support from 105 lawmakers, with 23 opposed, and has been sent to the governor for signing.

Before the vote, an amendment was made to the bill: in addition to digital gold, other assets can be included in the reserve only if they maintain a market capitalization of at least $500 billion over a two-year period, a change from the previous requirement of one year.

«Bitcoin is the only asset that meets these criteria. Its market capitalization exceeds $2 trillion,» noted representatives from Bitcoin Laws.

Dennis Porter, CEO of Satoshi Action Fund, emphasized the significance of advancing this legislation.

He pointed out that Texas will be the third U.S. state to pursue such an initiative, following New Hampshire and Arizona.

The region’s economy is valued at $2.6 trillion, surpassing both Canada and Australia. The passage of this law may bolster institutional adoption of cryptocurrencies across the nation.

Recall that in May, two bills permitting state funds to be invested in Bitcoin were suspended in Florida.

In states like Oklahoma, Montana, Pennsylvania, North Dakota, South Dakota, and Wyoming, efforts to establish a strategic Bitcoin reserve have also failed.