Texas could be the first state to have a strategic reserve from Bitcoin (BTC) after the approval of a new bill with which it can invest and manage it in Crypto assets.
On Thursday, the Senate of Texas voted 25-5 to pass Senate Bill 21, or the Texas Strategic Bitcoin Reserve and Investment Act.
The legislation aims to set up the Texas Bitcoin reserve for the Lone Star State, or a special fund outside the state treasury that supplies BTC and other cryptocurrencies with a market capitalization of at least $ 500 billion.
Reading SB 21,
“The establishment of a strategic Bitcoin reserve serves the public goal to offer improved financial security to the residents of this state and to offer a mechanism to receive donations from Bitcoin and other cryptocurrencies.”
If the bill is signed in the law, tHe states that more comproller would have custody of the crypto reserve and would have the authority to acquire, exchange and sell digital assets.
Texas Lt. Gov. Then Patrick out He wants to turn the state the epicenter of the digital future of America.
“President Trump has unambiguously stated that he is planning to make the Cryptocurrency capital of the world of the world. His visionary leadership on Bitcoin and digital assets has cleared the way for fast American innovation, and Texas is at the forefront.
I promised to make a Texas Bitcoin reserve a priority to strengthen Texas’s leadership in the digital age. Today, the Senate of Texas observed that promise by passing SB 21 with both Republican and Democratic voices to create the Texas Bitcoin reserve. Some have called Bitcoin ‘digital gold’, and I believe that the limited delivery and decentralized nature make it a critical asset for the future of Texas. “
With the approval of the Senate, SB 21 will now move to the Texas House of Representatives where it must be transferred before it becomes a law.
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