Texas Senate Approves Bitcoin Reserve Fund Bill
The Texas Senate has given the green light to Senate Bill 21, aiming to create a state Bitcoin reserve. The bill passed with a 24-7 vote,clearing the way for final approval. It now moves to Governor Greg Abbott’s desk for signing.
Senator Schwertner called the vote a success.The bill sets up the Texas Strategic Bitcoin Reserve.This fund will be managed by the state Comptroller of Public Accounts.
Several changes were made to the bill during its journey through the House. These allowed the Comptroller to work with liquidity providers and expand the fund’s financial operation. A meaningful change is the 24-month requirement for eligible cryptocurrencies.Altcoins need a $500 billion market cap for two full years to qualify.
the bill bans the use of reserve assets for lending or staking. It also removes provisions for voluntary crypto contributions. If signed, Texas will be the third state with an official Bitcoin reserve, following New Hampshire and Arizona.
The $500 billion requirement is one of the strictest among state crypto initiatives. With many mining operations and blockchain startups in Texas, this move solidifies the state’s role in crypto adoption.
