Legislation progresses in Texas, proposing the establishment of a strategic Bitcoin reserve.
Breaking News: Texas one step closer to Establishing a Strategic Bitcoin Reserve
Here's the lowdown on what's popping in the Lone Star State:
The House Committee on Delivery of Government Efficiency has given a green light to Senate Bill 21, moving Texas one step closer to creating a Bitcoin reserve. With a votes tally of 9-4, it marches on to a full floor vote, standing a good chance to land on Governor Greg Abbott's desk.
First introduced by Republican Senator Charles Schwertner in January, SB 21 was initially a Bitcoin-only proposition. After refiling in February, the bill altered its course to welcome other digital assets with a minimum $500 billion market cap over the past 12 months. As of now, Bitcoin is the only eligible digital asset on the block.
Should it cross the finish line, the bill would grant the state comptroller the power to manage the reserve and invest state funds in selected crypto assets. SB 21 already managed to pass through the Texas Senate with a 25-5 vote on March 6.
But it's not just Texas that's dabbling in digital gold. In March, HB 4258 was proposed, allowing the state comptroller to invest up to $250 million of the Economic Stabilization Fund into Bitcoin or other cryptocurrencies. Another bill, SB 778, focuses on accepting taxes and donations in crypto and requires a five-year holding period for any Bitcoin acquired by the state.
Texas isn't alone in its quest for Bitcoin reserves. Arizona Governor Katie Hobbs recently signed HB 2749 into law, creating a Bitcoin and Digital Assets Reserve Fund using unclaimed digital assets. New Hampshire Governor Kelly Ayotte also signed HB 302, making it the first state legally authorizing public fund investment in Bitcoin and other qualifying assets.
Currently, 37 strategic Bitcoin reserve bills are under review across 18 U.S. states, with New Hampshire leading the pack. However, several states, including Florida, have pulled the plug on their Bitcoin reserve plans, following in the footsteps of Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma.
Stay tuned, y'all, and keep that Bitcoin mining rig humming! 🤠💥 crypto x Texas 420💛💙
Insight: New Hampshire has taken the lead in creating a framework for a strategic Bitcoin reserve. Other states are also considering similar legislation, with approximately 36 bills related to national Bitcoin reserves in progress across the U.S.
- As New Hampshire leads the way, numerous other states, including Texas, are also considering the creation of a strategic Bitcoin reserve, with around 36 related bills currently in progress.
- If Senate Bill 21 passes in Texas, it would give the state comptroller the power to manage a Bitcoin reserve and invest state funds in selected digital assets.
- Texas isn't the only state looking into cryptocurrency investments, as HB 4258 and SB 778 have also been proposed, aiming to invest funds into Bitcoin or other cryptocurrencies and accepting taxes and donations in crypto, respectively.
- The finance and business sector, marked by advancements in technology, is witnessing an increase in interest in cryptocurrencies like Bitcoin, leading to the proposed creation of strategic crypto token reserves across various states in the U.S.
