On May 21, Texas lawmakers passed legislation with a vote of 101 in favor and 42 against, approving the establishment of a state-level BTC strategic reserve.
Original source: Cryptoslate
Translation: Blockchain Knight
According to the live content from the House of Representatives, Texas lawmakers passed legislation on May 21 with a vote of 101 in favor and 42 against, approving the establishment of a state-level BTC strategic reserve.
According to the BTC-related bill, the SB 21 bill now needs to be approved again by the Senate with the amendments added by the House of Representatives. The Senate had previously passed an earlier version of the bill on March 5 with a vote of 25 in favor and 5 against.
After the Senate votes in favor, the bill will be sent to Governor Greg Abbott for final approval before it can officially take effect.
Once the SB 21 bill reaches the governor's desk, the governor will have 20 days to sign or veto the bill. If the governor takes no action, the bill will automatically take effect on the first business day after the 20 days.
BTC Reserve
The proposal allows the state auditor to use surplus funds to purchase BTC, while adhering to the same reporting rules as those for gold bars held by the Texas Treasury.
One of the main sponsors of the bill, Representative Giovanni Capriglione, stated during the floor debate before the vote: "Today marks a key moment for us to pass the strategic BTC reserve bill, solidifying Texas's leadership in the digital age. Today, we embrace this modern asset that combines traditional attributes with future potential."
He also stated that the BTC reserve would not only enhance Texas's financial sovereignty but also position the state as a forward-thinking region, preparing for the evolution of global finance.
If the bill is approved by the governor, Texas will become the third state in the U.S., after Arizona and New Hampshire, to incorporate public funds into a BTC strategic reserve framework.
In Texas, the BTC purchasing program can only be initiated after the auditor publishes procurement guidelines in the Texas Register and signs storage contracts that meet the requirements of the bill.
Legislative Process
The Senate passed the SB 21 bill on March 6. The bill's sponsor, Senator Charles Schwertner, believes that allocating a portion of Texas's available cash to BTC can protect purchasing power during monetary shocks.
According to the bill text submitted to the governor, the auditor must disclose the acquisition date, unit quantity, and total cost basis on a quarterly basis.
The bill does not set a dollar limit. However, it requires that the BTC reserves must be stored with qualified entities within Texas or with qualified entities in jurisdictions that recognize BTC as property.
The bill also directs the auditor to explore potential revenue sources related to network participation, including payment channels on the Lightning Network for collecting state government fees.
These findings must be submitted to the House Appropriations Committee by January 2026 for review before the 89th legislative session.
Editor’s note: This article was updated at 21:27 GMT to clarify that the Senate needs to vote again on the House's amendments to the bill.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
