Texas Crypto Reserving Legislation Progresses, Advances to House Final Decision
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The intelligent folks over at Texas have given their stamp of approval to a Bitcoin reserve bill endorsed by Republicans. This bill is now just a hop, skip, and a jump away from reaching the governor's desk for the final yay or nay. 🎯
On May 7, in a riveting 9-4 vote, the Texas House Committee On Delivery of Government Efficiency gave Senate Bill 21 (SB 21) the green light, making minimal tweaks to the bill’s structure. Prior to this, SB 21 sailed through the Texas Senate in a landslide 25-5 vote in March. 🥳
The Texas Bitcoin Reserve Bill: A Breakdown
If SB 21 manages to secure the final floor vote, it will result in the establishment of the "Texas Strategic Bitcoin Reserve," overseen by the state's comptroller, Glenn Hegar.
Hegar, you see, will find himself with the green light to make some savvy investments in cryptos that have been keeping the market on its toes for the past year, with a market cap exceeding $500 billion. As of now, hands down Bitcoin (BTC) is the sole crypto that meets this bar. 🤖
Originally filed as a Bitcoin-exclusive bill in January, SB 21 underwent some tweaks in February, making way for other cryptos that have held a substantial market cap. 🤝
So when will we learn the fate of this bad boy? Twitter crusader and Bitcoin Laws founder Julian Fahrer hints that the decision should surface before the legislature adjourns on June 2. 🗓️
Shall SB 21 pass the full floor vote, it'll set sail for Governor Greg Abbott's lap for the final verdict. Abbott has made no secret of his ambition to transform the Lone Star State into the premier crypto playground in the US. 🌟
Texas Joins the Crypto Reserve Club
Texas' move to adopt a Bitcoin reserve bill comes hot on the heels of similar decisions made by governors in Arizona and New Hampshire.
Arizona's Governor Katie Hobbs recently signed off on a bill that authorizes the state to claim unclaimed crypto assets and establish a Bitcoin and digital asset reserve. Plus, the state may even stake abandoned crypto assets to earn rewards or snag airdrops! 🎅
New Hampshire's Governor Kelly Ayotte, too, put her John Hancock on House Bill 302, which lets the state's treasury invest in cryptos with a market cap topping $500 billion. 👩🏻🤝👨
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Sources:[1] SBIAT.org, May 7, 2025, [2] Business Insider, March 6, 2025, [3] CoinTelegraph, May 7, 2025, [4] CoinDesk, March 6, 2025, [5] Texas Tribune, May 7, 2025
- The Texas Bitcoin Reserve Bill, which is close to reaching Governor Greg Abbott's desk, proposes to establish a "Texas Strategic Bitcoin Reserve" under the oversight of Comptroller Glenn Hegar, if approved.
- The recent approval of Senate Bill 21 (SB 21) in Texas House Committee On Delivery of Government Efficiency suggests that the state's lawmakers may be focusing on positioning Texas as a strategic player in the rapidly growing crypto market.
- In the realm of general news, SB 21, if passed, will allow Glenn Hegar to make strategic investments in cryptos, with Bitcoin (BTC) being the only crypto that currently meets the market cap requirement enforced by the bill.
