Texas Moves to Adopt Bitcoin Reserve, Needs Final Sign-Off to Become Law
The Texas House of Representatives has passed Senate Bill 21, which aims to establish a Bitcoin reserve as part of the state's treasury management. The bill received bipartisan support, with a final vote of 105 in favor and 23 against during its second reading, though opposition increased to 42 votes against in the third reading. The bill now awaits a concurrence vote on House amendments before being sent to Governor Greg Abbott for signing. The fiscal impact of the bill is currently unknown, as noted by Jerry McGinty from the legislative budget board. The legislation allows the state's comptroller to manage the Bitcoin reserve and outlines provisions for investing in cryptocurrency. If enacted, Texas will be the second U.S. state to hold reserves in Bitcoin, following New Hampshire.
