The Texas bill proposing a strategic Bitcoin reserve has cleared another hurdle and is now headed for a full floor vote.
Texas Bill Details and Scope
The bill, referred to as SB 21, was filed by Republican Senator Charles Schwertner in January. Initially focused solely on Bitcoin, it has been revised to include other digital assets with a market cap of $500 billion or more. The reserve would be overseen by Texas Comptroller Glenn Hegar.
States Leading the Charge
As Texas progresses, Arizona has already established a Bitcoin and Digital Asset Reserve Fund that operates independently of taxpayer money. Arizona can now stake unclaimed crypto to earn staking rewards. Just a day earlier, New Hampshire signed legislation allowing investments in cryptocurrencies with a market cap of $500 billion.
Mixed Reactions from Other States
While interest in Bitcoin reserves grows, not all states are on board. For instance, Florida recently pulled two Bitcoin reserve bills from its agenda. Meanwhile, Sweden is also considering the idea of a national Bitcoin reserve.
As the Texas legislative session ends on June 2, the countdown is on for SB 21's final vote, which could significantly influence the state's approach to cryptocurrencies.
