Texas Senator Proposes Bill for Bitcoin Strategic Reserve

• Texas proposes the first Bitcoin reserve in the US, which will stimulate innovation.
• New restrictions increase transparency in Texas’ Bitcoin mining sector.

Currently, Texas Senator Charles Schwertner has proposed Senate Bill 778, aimed at establishing a state-level Bitcoin strategic reserve. Once passed, the proposed legislation will likely position Texas as an innovator in adopting digital assets. It will explore the possibility of enhancing the state’s economy while fostering financial innovation.

The proposed reserve shall be a specific fund outside of the general state revenue fund of the state with the state comptroller managing it, holding Bitcoin as a financial asset. This will bring diversification and integration into a digital economy with Texas. Secondly, the individuals would be provided with an option to donate bitcoin to the State, thereby evoking a community feeling and integration into the process of the development of the monetary future of the state of Texas.

The comptroller would oversee the storage, administration, and reporting systems of the Bitcoin reserve to ensure secure management. This also means Texas may soon start accepting taxes and fees in Bitcoins, further incorporating cryptocurrency into the financial ecosystem.

Texas Strengthens Its Role in Bitcoin Innovation

Texas has already been the hub of Bitcoin mining and innovation primarily based on the state’s energy supply. The recent law passed is one that obligates crypto mining facilities using over 75 megawatts of electricity to get registered with both the Public Utility Commission and ERCOT, giving clarity on where, who owns, and how much energy this will consume.

On the other hand, MARA, the leading digital asset computing company, has acquired a wind farm in Hansford County, Texas, with an interconnection capacity of 240 MW and producing 114 MW of wind energy. In Texas, it is a commitment to blending renewable energy with digital assets’ operations, which cements its prowess as a Bitcoin mining leader.

This step, in a sense, brings Texas closer to becoming the second-largest economy in the U.S., as envisioned. The state has always been the leader in digital assets, and it is using SB 778 to change the face of the role of cryptocurrency in government and economic systems across the country.