Texas House Advances Bitcoin Reserve Bill With Bipartisan Backing
The Texas House of Representatives approved Senate Bill 21, the state Bitcoin reserve bill, with a 105-23 vote, advancing it to a third reading. An amendment doubled the required market capitalization period from 12 to 24 months. The bill, known as the Texas Strategic Bitcoin Reserve and Investment Act, allows the state comptroller to manage crypto holdings as a special fund outside the state treasury. It aims to use Bitcoin and potentially other cryptocurrencies as a hedge against inflation and economic volatility. The comptroller must report biennially on crypto holdings and their value. An advisory committee of crypto investment experts will assist in reserve management. The bill requires reconciliation of differences between House and Senate versions before heading to the governor, potentially establishing the second state-managed Bitcoin reserve in the U.S. after New Hampshire. Arizona's Bitcoin bill was rejected by its governor, although a companion bill for unclaimed crypto passed.
