Texas House Passes 'Bitcoin Reserve Bill'... Awaits Full House Vote

JOON HYOUNG LEE

Summary

The Texas House Committee on Government Efficiency and Reform passed Senate Bill 21 for Bitcoin reserves.
According to the bill, Texas can invest in virtual assets with a market capitalization of over $500 billion in the past 12 months, and currently, Bitcoin is the only asset meeting this condition.
It is reported that the decision on the enactment of the bill is likely to be made this month before the legislature adjourns next month.

A bill to strategically reserve virtual assets like Bitcoin (BTC) has passed the Texas House committee hurdle.

According to Cointelegraph on the 8th (local time), the Texas House Committee on Government Efficiency and Reform voted to pass Senate Bill 21 (SB21) the previous day (7th). Previously, the bill passed the Texas Senate after a vote in March this year.

The core of the bill is to establish the 'Texas Strategic Bitcoin Reserve'. According to the bill, Texas can invest in virtual assets with a market capitalization of over $500 billion in the past 12 months through the reserve. Currently, Bitcoin is the only virtual asset meeting this condition.

For the bill to be enacted, it must pass the full session of the Texas Legislature. As the Texas Legislature adjourns on the 2nd of next month, it is highly likely that the decision on the enactment of the bill will be made this month.

Meanwhile, Texas Governor Greg Abbott stated late last year that he aims to make Texas the cryptocurrency capital of the United States.

BTC