A bill proposing the establishment of Texas' first state-backed Bitcoin reserve has cleared a significant legislative hurdle and now awaits a full House vote.
Overview of Bill 21
Senate Bill 21 (SB 21) was approved by the Texas House Committee with a 9-4 vote. It proposes the creation of a 'Texas Strategic Bitcoin Reserve.' Previously, it passed the Senate with a 25-5 vote.
Governor's Role and Support for Cryptocurrency
Texas Governor Greg Abbott is a vocal proponent of cryptocurrency adoption, expressing ambitions to make Texas the 'crypto capital' of the United States and has accepted Bitcoin donations during his 2014 campaign.
Parallel Initiatives in Other States
Other states like Arizona and New Hampshire have also taken steps towards creating cryptocurrency reserves, reflecting a growing interest at the state level in digital assets.
The advancement of the Bitcoin reserve bill in Texas highlights the growing interest from states in cryptocurrencies and their potential financial benefits.
