Texas approves Bitcoin reserve bill, awaits governor’s signature

Texas is about to become the third American state to establish a bitcoin managed by the state.

The Texas Strategic Bitcoin Reserve and Investment Act, SB 21,, has been approved by the House of Representatives with a vote of 101-42. The bill is now going to the office of governor Greg Abbott for final approval.

SB 21 would allow The State controller to invest in Bitcoin and, potentially, other cryptocurrencies with a market capitalization exceeding $ 500 billion in the last 12 months.

Currently, Bitcoin is the only asset that qualifies. The legislation also directs the creation of an official Bitcoin reserve, positioning the State to diversify its financial strategy with digital assets.

The bill of the bill, the state senator Charles Schwertner, and the lawyer for the Giovanni Capriglione Chamber, led the initiative as a decision to guarantee Texas leadership in digital innovation.

The embrace of the Bitcoin state

If it is signed, Texas Join the New Hampshire And potentially Arizona in establishing a bitcoin reserve. However, not all states have adopted the idea.

Governors of Arizona and Montana recently opposed its veto or blocked similar proposals, citing the volatility of the cryptocurrency markets.

Texas, which has a saving of 2.7 billions of dollars –Eighth classification Globally, if it was a country – has already positioned itself as a friendly state. Governor Abbott previously expressed strong support for digital assets and accepted Bitcoin donations for his political campaigns.

The adoption of the bill comes in the middle of the renewed momentum for Bitcoin, which recently hit a higher record above $ 109,000.