Texas Inches Closer to Bitcoin Reserve
The Texas Senate has passed Senate Bill 21, paving the way for the creation of a state-sponsored Bitcoin reserve. This historic move reflects Texas's forward-thinking approach to cryptocurrency and its ambition to become a leader in the US blockchain space.
Texas Bitcoin Reserve: What's Next?
SB 21 passed its third reading with a decisive 101-42 vote. The bill now heads to Governor Greg Abbott for his signature, which is widely expected given his known support for Bitcoin. Once signed, the bill will establish the Texas Strategic Bitcoin Reserve, a fund managed by the state comptroller to invest in cryptocurrencies with a market capitalization of at least $500 billion. Currently, only Bitcoin meets this criterion, though other cryptocurrencies could be added later.
Key Features of the Bill:
- Creation of the Texas Strategic Bitcoin Reserve.
- Initial investment focused on Bitcoin due to its market capitalization.
- Potential for future inclusion of other cryptocurrencies.
- Fund managed by the state comptroller.
This development coincides with Bitcoin's recent price surge, breaking previous all-time highs. The timing suggests a growing confidence in Bitcoin's long-term value and potential among state-level policymakers.
Codeum's Note: This legislation underscores the increasing mainstream adoption of cryptocurrency. Codeum, a leading platform for blockchain security and development, offers a range of services to support the growth of the crypto ecosystem, including smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. We are committed to fostering a secure and transparent blockchain environment.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Conduct thorough research before investing in cryptocurrencies.