The Texas Senate has approved the conference committee report for Senate Bill 21, paving the way for the creation of a specialized Bitcoin reserve fund.
Approval of the Bill
The Texas Senate passed the conference committee report for Senate Bill 21 with a decisive 24-7 margin. The legislation now heads to Governor Greg Abbott for final approval.
Changes in the Final Version
The final version includes several amendments, such as allowing the Comptroller to engage qualified liquidity providers and expand the fund’s financial capabilities. A key revision extends the duration requirement for eligible cryptocurrencies from 12 months to 24 months.
Trends towards Cryptocurrency Diversification
Texas is set to become the third state after New Hampshire and Arizona to establish an official Bitcoin reserve. This reflects a growing trend among state governments to explore cryptocurrency as a financial diversification tool. Texas has established itself as a leader in cryptocurrency adoption.
The establishment of a Bitcoin reserve in Texas highlights the increasing popularity of cryptocurrencies among government entities and their potential for financial resilience.
