In a significant move for cryptocurrency adoption, Texas Governor Greg Abbott has signed Bitcoin Reserve bill SB 21 into law, making Texas the third state in the U.S. to establish a Bitcoin Reserve.
This legislative action, announced by “Bitcoin Laws” on social media, marks a pivotal moment in the ongoing “State Reserve Race.”
The new law positions Texas alongside Arizona (AZ) and New Hampshire (NH), both of which have also enacted similar legislation to create state-level Bitcoin reserves. The accompanying visual from “Bitcoin Laws” highlights the progression of these bills, showing that all three states – AZ (H), NH, and TX (S) – have successfully navigated through the “Introduced,” “Committee 1,” “Chamber 1,” “Committee 2,” and “Chamber 2” stages to reach the “Enacted” phase.
This trend indicates a growing recognition among U.S. states of Bitcoin’s potential as a reserve asset. The establishment of these reserves could signify a broader governmental acceptance of digital currencies and may pave the way for other states to follow suit, further integrating Bitcoin into traditional financial frameworks. The long-term implications for state treasuries and the wider cryptocurrency market remain to be seen, but this move by Texas is undoubtedly a notable step forward.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/texas-strategic-bitcoin-reserve-officially-signed-into-law/