Texas Bitcoin Reserve Bill Nears Automatic Approval
Texas Bitcoin Reserve Bill on the Verge of Automatic Approval
Texas Senate Bill 21, which would establish a Strategic Bitcoin Reserve (SBR) for the state, is nearing automatic enactment. Despite Governor Greg Abbott's yet-to-be-seen signature, the bill's 20-day post-adjournment deadline is approaching, after which it will become law without his approval.
The bill would allow the state comptroller to invest surplus General Revenue in Bitcoin, adhering to transparency and oversight guidelines mirroring those used for the Texas Bullion Depository's gold holdings. Only cryptocurrencies exceeding a $600 billion market capitalization for two consecutive years are eligible – currently, only Bitcoin meets this criterion.
Governor Abbott's Stance and Missed Opportunity
While Governor Abbott has previously expressed support for blockchain technology and crypto mining in Texas, his delayed decision on SB 21 has raised some eyebrows. Julian Fahrer, founder of Bitcoin Laws, noted the missed opportunity for a public signing ceremony, a practice employed for other significant bills. However, he confirmed the bill's automatic passage if unsigned.
Further adding to the intrigue, Governor Abbott signed House Bill 4488, which may indirectly support SB 21 by establishing permanent status for certain state funds—potentially including those allocated for the Bitcoin reserve.
Implications of the Automatic Enactment
The potential enactment of SB 21 without the Governor's signature is a significant development. Texas could become one of the first US states to hold Bitcoin as a reserve asset, underscoring growing governmental interest in digital assets. This move could have profound implications for the future of cryptocurrency regulation and adoption nationwide.
Codeum, a leader in blockchain security and development, offers comprehensive services to navigate the complexities of the crypto space. Our expertise includes smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Contact us today to ensure your blockchain projects are secure and compliant.
Disclaimer: This information is for educational purposes only. Always conduct thorough research and seek professional financial advice before making investment decisions.