Texas approves a Bitcoin reserve law, only the governor’s signature is missing

By Hannah Pérez

Texas is one step away from creating a bitcoin reserve. The House of Representatives voted in favor of the S21 bill. If Governor Abbott the firm, Texas will become the third state of the United States with Bitcoin in his treasury.

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• Texas is one step away from creating a bitcoin reserve.
• The House of Representatives voted in favor of the S21 bill.
• If the governor the firm, Texas will become the third state of the USA. With Bitcoin in his treasury.
• New Hampshire and Arizona already have similar laws that were approved this month.

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Texas is just one step away from becoming one of the first states of the United States with a strategic reserve of Bitcoin After a definitive approval of legislators.

The Texas House of Representatives has just approved the bill “SB 21”, which seeks to establish a strategic reserve of Bitcoin In the state. The proposal went on in its third reading on Wednesday, ensuring 101 votes in favor and 42 against, according to several channels on social networks.

Written by state senator Charles Schwertner, the SB 21 bill proposes to create a state reserve of Bitcoin as a financial safeguard with the intention of strengthening the role of Texas in the innovation of digital assets.

“Bitcoin and other cryptocurrencies can serve as coverage against inflation and economic volatility“, According to the language of the legislative document approved.”Establishment of a strategic Bitcoin reserve serves to the public purpose of providing greater financial security to the residents of this state“Adds the project.

Once officially sanctioned, the legislation will allow the Texas Comptroller to invest in any cryptocurrency with a market limit greater than USD $ 500 billion, a requirement that currently only Bitcoin complies.

Before the vote, the state representative Giovanni Capriglione, who promotes the project, told the Chamber that the S21 decision represents a “Crucial moment to ensure Texas leadership in the digital age with the approval of our Bitcoin strategic reserve. Now, we adopt a modern asset with traditional properties for future promises”

The approval of this Wednesday occurs after the Texas Senate was approached to the S21 project in a historical session in March. Now the document is directed to the table of Governor Greg Abbott for his final decision. His signature will make the project officially law, although Abbott could also choose to reject it.

Texas would be the third state with Bitcoin reserve in the US.

If becoming a reality, Texas will join New Hampshire, who at the beginning of the month became the first jurisdiction of the United States with a reserve law Bitcoin. Governor Kelly Ayotte signed on May 6 the “HB 302” legislative project, which empowers the state treasurer to invest public funds in Bitcoin.

Similar to Texas, New Hampshire’s new law specifies that only cryptocurrencies with a market capitalization of more than USD $ 500 billion would be eligible for investment. It dictates that the State Treasurer may use 10% of the General Fund of the Nations and other authorized funds to invest in precious metals and Bitcoin.

Arizona joined the list shortly after when Governor Katie Hobbs signed a bill that establishes a reserve fund for unwanted digital assets that can be used according to the approval of legislators. Hobbs then vetoed a separate bill to establish a reservation Bitcoin while implementing restrictions for Cryptocurrency ATMs.

More than a dozen states in the United States moved to discuss the adoption of Bitcoin As a treasury reserve asset at the beginning of this year, in the middle of the promises of President Donald Trump to establish a reserve at the federal level.

Trump, who entered for his second mandate in the White House in January, signed an executive order in March to create a strategic reserve of Bitcoin nationally. The historical decision motivated both states and other countries towards discussion.

The last advance towards the state reserves of Bitcoin It occurs in the midst of a bullish movement that sees the greatest cryptocurrency conquer unprecedented price heights. Bitcoin A new historical maxim close to USD $ 109,500 was secured in the morning (ET) on Wednesday, and USD $ 107,000 is negotiated at the time of editing.

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Hannah Estefanía Pérez / Diariobitcoin

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