Texas Senate Passes Bill to Invest Public Funds in Bitcoin
Several U.S. states are moving towards investing public funds in cryptocurrencies, influenced by President Trump's federal plans.
- The Texas state senate passed the SB 21 bill, allowing investments in digital assets like bitcoin.
- Texas Senator Charles Schwertner highlighted bitcoin's resilience as a reserve asset amid national deficit and inflation concerns.
- New Hampshire's House Bill 302 allows investment of up to 5% of public funds into bitcoin and precious metals, passing a committee vote 16-1.
- Nearly a dozen states are pursuing similar legislation; however, five have faced setbacks.
- Utah is one vote away from advancing its own bill to invest 5% of certain public accounts in digital assets but faces time constraints due to an expiring legislative session.
- If Utah's senate approves by Friday, it will proceed to Republican Governor Spencer Cox for final approval.
- President Trump proposed a U.S. strategic crypto reserve that could include XRP, Solana, Cardano, along with bitcoin and ethereum.
- Critics argue other cryptocurrencies do not meet reserve asset criteria like bitcoin does, and details on implementation remain unclear.