Source: Cointelegraph
Original: “Texas House Passes Strategic Bitcoin (BTC) Reserve Bill”
The Texas House of Representatives has passed the third reading of SB 21, a bill aimed at establishing a strategic Bitcoin reserve in the state. The bill passed with 101 votes in favor and 42 against, and it will now be submitted to Texas Governor Greg Abbott, who will decide whether to sign it into law or veto it.
Drafted by State Senator Charles Schwertner, SB 21 establishes a Bitcoin (BTC) reserve managed by the state auditor. The legislation allows the auditor to invest in any cryptocurrency with a market capitalization exceeding $500 billion in the past 12 months. Currently, the only cryptocurrency that meets this requirement is Bitcoin.
Before the vote, State Representative Giovanni Capriglione stated in the chamber that the bill is “a pivotal moment for Texas to ensure its leadership in the digital age through our strategic Bitcoin reserve bill. Now, we embrace a modern asset that has traditional attributes and a commitment to the future.”
Related: Winning with “Stability”? The “GENIUS Act” Sets a New Stage for the Dollar in the Digital Age
This is an evolving news story, and more information will be added as it becomes available.
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