Texas wants to start adding Bitcoin At its reservations of state in a striking step towards digital adoption, the House of Representatives voted massively on May 21 in favor of a bill which allows the creation of an official Bitcoin State reserve.
This positions Texas as a pioneer in a new state strategy promoted by cryptocurrencies. What does this mean for the role of Bitcoin in public finances?
The House of Representatives votes convincingly in favor
Texas has taken an important step towards the adoption of cryptocurrencies in its economy. On May 21, the House of Representatives approved this bill (SB 21) for 101 votes in favor and 42 against. The Senate has already voted in favor. The law is now ready to be signed by Governor Greg Abbott.
A state cryptocurrency reserve
The bill called “SB 21” allows the creation of a “strategic bitcoin of Texas”, which will be managed by Texas State Controller. This reserve can be filled with bitcoin or other Cryptocurrency.
However, cryptocurrencies must meet a requirement. In the past 24 months, they had to have a market capitalization of at least $ 500,000 million. Currently, only Bitcoin meets this requirement.
According to the Texas State Senator Charles Schwertner, the ultimate goal is to increase the financial resistance of Texas. Giovanni Capriglione, a bill of the bill and a member of the House of Representatives, said that the proposal was in accordance with the growth of cryptocurrencies in the global financial system. Specific plans have not yet been revealed on how and when Bitcoin is acquired.
Texas is always favorable to cryptocurrencies
Texas state has tried to establish itself as an attractive center for cryptocurrency companies. Large mining platforms such as riot platforms are already working there. Texas has recently taken new measures to better supervise these companies: in November 2024, for example, the Commission of Public Services introduced rules that oblige mining companies to make their energy consumption transparent.
Bitcoin law proposal
Even at the federal level in the United States, there is an increasing interest in the state’s participation in cryptocurrencies. For example, Senator Cynthia Lummis of Wyoming launched the Bitcoin law in 2024, aimed at establishing cryptographic decentralized reserves. The current President of the United States, Asset, He also spoke positively on several occasions to have Bitcoin in state reserves.
If the company of Abbott, Texas will become the second state with a reserve crypto, after New Hampshire. According to Texas’s results, more states could follow him in the future.
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