The Texas House Committee has passed a bill to create a Bitcoin reserve, which is now pending a full floor vote.
Committee Approves Bill
The Texas House Committee on Delivery of Government Efficiency passed Senate Bill 21 with a 9-4 vote along party lines. The bill has already passed the Texas Senate, getting a 25-5 confirmation.
Investment Strategy in Digital Assets
According to the bill, a 'Texas Strategic Bitcoin Reserve' will be established and controlled by the state’s comptroller. The comptroller is expected to invest in digital assets that have achieved a market cap of at least $500 billion over the last twelve months, which currently only includes Bitcoin.
Comparison with Other States
On the same day the bill was approved in Texas, Arizona Governor signed a bill allowing the state to retain unclaimed crypto and to create a Bitcoin and Digital Asset Reserve Fund. New Hampshire recently also signed a bill permitting the state's treasury to invest in cryptocurrencies exceeding $500 billion in market cap.
The Bitcoin reserve bill in Texas reflects a broader trend in the US to legalize and regulate cryptocurrencies, which could significantly influence the sector's future.
