Texas Governor Greg Abbott faces a deadline to decide on Bill SB 21, which seeks to create a state treasury holding for Bitcoin. If no action is taken by June 22, the bill will automatically become law.
Overview of Bill SB 21
SB 21 mandates the Texas Comptroller to acquire, hold, and manage Bitcoin, influenced by its market value surpassing $500 billion. The legislation was sponsored by State Senator Charles Schwertner.
Formation of the Advisory Committee
The bill also establishes an advisory committee composed of investment experts. Their role will be to guide the management of Bitcoin holdings, ensuring security through qualified custodians.
Expectations and Future of the Bill
While there is no official confirmation of the Governor's actions, analysts anticipate Abbott may allow the bill to become law, reflecting his prior support. Should the bill pass, Texas would join New Hampshire and Arizona as the only states with established Bitcoin treasuries.
Bill SB 21 may herald a new era in state finance if Governor Abbott signs it before the deadline.