Texas Bitcoin Fund Bill Advances, Bringing BTC Closer to State Reserves
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Texas leads the charge in state-level Bitcoin adoption, with SB-21 advancing to the Senate floor. If passed, the bill could set a precedent, encouraging other states to invest in Bitcoin reserves. After Texas Representative Giovanni Capriglione introduced a bill on December 12, as reported by CNF, it aimed to establish a Strategic Bitcoin Reserve. In a significant legislative development, the Texas Senate Business and Commerce Committee has unanimously approved Senate Bill 21 (SB-21), advancing it to the Senate floor for further deliberation. This bill proposes the creation of a state-managed Strategic Bitcoin Reserve, positioning Texas at the forefront of state-level cryptocurrency adoption. As shared in a tweet by Bitcoin Laws, the Texas Senate Business & Commerce Committee has officially passed the Strategic Bitcoin Reserve Bill (SB-21). WATCH: Texas Senate Business & Commerce Committee Passes Strategic Bitcoin Reserve Bill SB 21 https://t.co/XFijYJ0Lk8 pic.twitter.com/QZmV7G1oyQ — Bitcoin Laws (@Bitcoin_Laws) February 27, 2025 Establishing a Strategic Bitcoin Reserve Authored by State Senator Charles Schwertner, SB-21 aims to diversify Texas’s financial assets by incorporating Bitcoin into its state reserves. The bill grants the Texas Comptroller of Public Accounts the authority to acquire, manage, and oversee Bitcoin and other cryptocurrencies deemed prudent investments. According to Texas Policy Research, proponents argue that such a reserve could serve as a hedge against inflation and economic volatility, enhancing the state’s financial resilience. National Momentum for State-Level Bitcoin Reserves Texas is not alone in this endeavor. As of February 2025, legislative efforts to establish state-controlled Bitcoin reserves are underway in at least 16 U.S. states, including Pennsylvania, Florida, and Ohio. These initiatives reflect a growing trend among states exploring digital assets as part of their financial strategies. The widespread adoption of such measures could lead to substantial investments in Bitcoin, potentially influencing its market dynamics. Challenges and Considerations Despite this…
Filed under: News - @ February 28, 2025 12:21 pm