A new bill in Texas could restrict local and state authorities' investment in Bitcoin and other cryptocurrencies as reserve assets.
Texas Bitcoin Reserve Gains Momentum
In Texas, the SB 21 bill is under consideration, proposing the creation of a strategic Bitcoin reserve for the state. While SB 21 does not set limits on Bitcoin purchases, Representative Ron Reynolds has suggested stricter measures in his bill. These measures aim to prevent unlimited investments in crypto-assets by state and local governments.
Legal Uncertainty at the Federal Level
Amid political changes in Washington, Bitcoin's role in government reserves is being discussed. President Trump signed an order to create a federal strategic Bitcoin reserve, but legal experts question the presidential power to implement such decisions without congressional approval.
Consequences and Opportunities
The review of bills in Texas and at the federal level indicates growing interest in integrating digital assets into the economy. If passed, Reynolds' bill will take effect on September 1, provided Governor Greg Abbott signs it.
The initiative to create strategic reserves of cryptocurrencies in Texas and at the federal level is part of a broader trend towards integrating digital assets into government reserves. This opens up new opportunities but requires more thorough legal work.
