Texas Advances Senate Bill to Create Strategic Bitcoin Reserve
Texas is advancing toward creating a strategic bitcoin reserve following the approval of Senate Bill 121 by the House of Representatives.
- The bill aims to establish a "Texas Strategic Bitcoin Reserve" for cryptocurrency investments and grants investment authority to the comptroller of public accounts.
- The House approved the bill with a vote of 101-42.
- The Senate will conduct a concurrence vote on House amendments before it goes to Governor Greg Abbott for final approval.
- If enacted, Texas will be the second state after New Hampshire to have a strategic reserve for digital assets.
- A similar bill in Arizona reached the governor but was vetoed due to concerns over bitcoin as an "untested investment." However, Arizona has enacted a law allowing the state to hold abandoned digital assets as unclaimed property.