Texas is on the verge of creating a strategic Bitcoin reserve. The House of Representatives approved Senate Bill 121, aiming to invest in cryptocurrency. The vote, held recently in Texas, passed 101-42.
The bill now requires a concurrence vote from the Senate after House amendments. Following this, it will go to Governor Greg Abbott for final approval. If enacted, Texas would be the second state to establish a digital asset reserve, following New Hampshire.
Arizona's similar bill was vetoed by Governor Katie Hobbs, who called Bitcoin an "untested investment." However, Arizona has enacted a bill permitting the state to hold abandoned digital assets.
This article is based on our author's analysis of materials taken from the following resource: Coindesk.