- The Texas Bitcoin Reserve Bill progresses towards a final vote.
- Governor Abbott supports Texas becoming a crypto capital.
- Institutional bitcoin purchases could affect market sentiment.
The Texas Strategic Bitcoin Reserve Bill, known as SB 21, is advancing through the state legislature. SB 21 has been approved by both the Texas Senate and the House Committee, signaling significant progress towards its enactment.
Key figures involved include Governor Greg Abbott, advocating for Texas’s position as a crypto leader, and Dennis Porter from the Satoshi Action Fund, emphasizing urgency as the legislative session nears its end.
“Texas is already the home of crypto mining. This session, Texas should become the crypto capital.” – Greg Abbott, Governor of Texas
Managed by the state comptroller, the reserve fund will include Bitcoin, leveraging various funding sources. Only Bitcoin qualifies under current criteria, with others like Ethereum still below the $500 billion threshold.
The bill could legitimize institutional bitcoin holdings, boost local business activity, and signal increased public trust and adoption in Texas’s crypto policies.
The bill aligns Texas with Arizona and New Hampshire, which have also implemented state-level bitcoin reserves, indicating a wider adoption trend.
Enactment could pioneer new crypto legislative frameworks, influencing market stability and possibly encouraging greater participation by both retail and institutional investors in the digital economy.
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