Texas Bitcoin Reserve Legislation Advances, Transits Committee Toward Final House Decision
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The Texas House Committee on Government Efficiency has given a thumbs-up to a Bitcoin reserve bill, sent forward in a 9-4 vote. This bill, now awaiting a full floor vote, could soon land on Governor Greg Abbott's desk for the final call.
On May 7, Senate Bill 21, which already won over the Texas Senate in a 25-5 vote back in March, found approval from the committee with no requested amendments. The bill, if passed, will create the "Texas Strategic Bitcoin Reserve," managed by the state comptroller, Glenn Hegar.
Hegar will have the green light to invest in digital assets that have a market cap of over $500 billion, with Bitcoin (BTC) currently being the sole contender. Initially a Bitcoin-only bill, SB 21 was updated with amendments to include other cryptos that meet the market cap requirement.
According to Julian Fahrer, founder of Bitcoin Laws, a decision on SB 21 should be made before the legislature's June 2 adjournment. So, if the bill gets the floor vote, we should find out within a few weeks.
Should the bill get this crucial vote, it'll be Governor Abbott's turn to make the final decision. Abbott has expressed ambitions to turn Texas into a crypto powerhouse in the USA.
Following the Texas vote, Arizona and New Hampshire have also recently signed Bitcoin reserve bills into law. Arizona now allows for unclaimed crypto and a Bitcoin/digital asset reserve, while New Hampshire permits the state treasury to invest in cryptos exceeding a $500 billion market cap.
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- This investment in digital assets by the state of Texas, as proposed by the Bitcoin reserve bill, signifies a significant move in the finance sector, merging traditional business practices with modern technology.
- Should the Bitcoin reserve bill pass in Arizona and New Hampshire, as it did in Texas, we might witness a new trend of states embracing technology in their business finance strategies, potentially reshaping the landscape of American business.
