A Texas Home Committee has handed a Republican-backed invoice to create a Bitcoin reserve, which now solely wants a profitable full flooring 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 Might 7 in a 9-4 vote alongside get together strains. The invoice has already passed 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 — presently Glenn Hegar — who could be permitted to put money into digital property which have obtained a market cap of at the very least $500 billion during the last twelve months, which might presently solely embrace Bitcoin (BTC).
Republican Senator Charles Schwertner initially introduced SB 21 in January as a Bitcoin-only invoice.
Nonetheless, the bill was refiled to incorporate the potential inclusion of different digital property in February.
Bitcoin Legal guidelines founder Julian Fahrer said 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 flooring vote, it might head to Governor Greg Abbott’s desk. Abbott expressed his want 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 bill into law that allowed the state to maintain unclaimed crypto and set up a Bitcoin and Digital Asset Reserve Fund that received’t use taxpayer or state funds.
The state also can stake deserted crypto to earn rewards or receive airdrops, which may then be deposited into its crypto fund.
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New Hampshire Governor Kelly Ayotte additionally signed House Bill 302 into law days earlier on Might 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, removed two Bitcoin reserve bills on Might 3 — a day when state lawmakers handed 230 payments starting from prohibiting placing fluoride in water, defending state parks, and banning smartphone use in colleges.
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