The Texas Home of Representatives has handed Senate Invoice 21, generally known as the Texas Strategic Bitcoin Reserve and Funding Act, with a vote of 101-42
The Texas Home of Representatives has handed Senate Invoice 21, generally known as the Texas Strategic Bitcoin Reserve and Funding Act, with a vote of 101-42. The invoice, which goals to ascertain a state-run Bitcoin reserve, now awaits the signature of Governor Greg Abbott to grow to be regulation. Texas, the world’s eighth largest economic system, might grow to be the third state to go such laws, following New Hampshire and Arizona.
The laws permits the Texas Comptroller to handle a particular fund outdoors the state treasury, which might maintain Bitcoin and doubtlessly different cryptocurrencies as a hedge in opposition to inflation and financial volatility. The invoice requires the comptroller to submit a report each two years to the legislature detailing the reserve’s holdings and any modifications. The invoice acquired bipartisan assist within the Home.
An modification to the invoice requires eligible cryptocurrencies to keep up a $500 billion market cap for not less than 24 months, successfully limiting the reserve to Bitcoin, which presently meets this threshold. This transfer positions Texas as a possible chief in state-level crypto adoption, particularly given its standing as a significant crypto mining hub.
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