The Texas House of Representatives passed SB 21, aiming to create a strategic Bitcoin reserve in the state. The bill, which passed with a 101-42 vote, now awaits Governor Greg Abbott's signature or veto. This occurred recently.
Authored by state Senator Schwertner, SB 21 allows the state comptroller to manage a Bitcoin (BTC) reserve. The legislation permits investment in cryptocurrencies with a market cap exceeding $500 billion over the past year. Currently, Bitcoin is the only cryptocurrency that meets this requirement.
State representative Capriglione stated the bill marks a "pivotal moment" for Texas in the digital age. He added that it will secure the state's leadership by embracing a modern asset. Further details will be provided as the situation develops.
This article is based on our author's analysis of materials taken from the following resources: news sources.