Texas Reintroduces Bold Bitcoin Reserve Bill, SB 21 to Boost Financial Growth
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In a bold move, Texas reintroduces its Strategic Bitcoin Reserve bill to allow the state to diversify investments in digital assets. This expansion paves the way for Texas to lead in economic resilience and secure financial growth through blockchain technology.
Texas Expands Bitcoin Reserve Bill
Texas has reintroduced a bill to establish a Strategic Bitcoin Reserve. State Senator Charles Schwertner refiled Senate Bill 21 on February 12. The bill, which aims to create a reserve to enhance the states financial security, could include investments in other qualifying digital assets.
Unlike the previous bill, which allowed the state to hold Bitcoin as a strategic asset, the new version broadens the scope. It now permits investments in other digital assets, provided they have maintained a market capitalization of at least $500 billion over the past year.
New Bill Removes $500M Limit
Riot Platforms Pierre Rochard expressed confidence in the new bill, especially the removal of the $500 million annual buying limit. This adjustment allows lawmakers to allocate more funds as needed to enhance greater potential for BTC investments.
The legislation seeks to create an investment tool for the state to buy, sell, and manage digital assets. This move aims to strengthen the states financial security and economic resilience. Financial experts would have more control over the reserve, unlike the previous version, which left decision-making to state legislators.
Currently, 19 U.S. states have proposed similar legislation for establishing crypto reserves. Arizona and Utah have already advanced such bills beyond the House committee level. North Carolina has filed a bill to allow state investments in Bitcoin exchange-traded products, while North Dakota has rejected crypto investment legislation.
Texas Position As A Crypto Hub
Texas Lieutenant Governor Dan Patrick highlighted the Bitcoin reserve as one of the states top priorities for 2025 legislative sessions. This announcement came after he revealed the states 2025 legislative priorities on January 29. This aligns with the states broader push to integrate digital assets into its financial strategies.
The states push to establish a Bitcoin reserve follows the growing trend of states seeking to adopt crypto in their financial strategies. In December 2024, Texas state Representative Giovanni Capriglione introduced similar legislation for establishment of a strategic BTC reserve. The legislation would also enable BTC payments for fees, taxes, and contributions.
Texas is home to a large number of Bitcoin miners due to its low energy costs and crypto-friendly regulatory environment. Bitcoin mining contributes to the states position as a leader in crypto adoption. A BTC reserve could position Texas as a leader in the crypto industry and enhance further economic growth.
Read more: https://www.tronweekly.com/texas-reintroduces-bold-bitcoin-reserve-bill/
Text source: TronWeekly
