Texas Advances Strategic Bitcoin Reserve Legislation – Coincu

The Texas legislature passes the Strategic Bitcoin Reserve Bill SB 21 with Governor Abbott’s decision pending. Bill supports Texas’s leadership in digital finance. Bipartisan support highlights the strategic move’s importance.

Bitcoin Laws reported that Texas passed the Strategic Bitcoin Reserve Bill SB 21 on May 22nd, with 101 votes for and 42 against, now awaiting Governor Abbott’s signature.

Texas Approves SB 21 For Strategic Bitcoin Reserves

Texas Legislature has moved forward with SB 21, aiming to create a Bitcoin reserve using surplus General Revenue. Representative Giovanni Capriglione highlights this as a significant step toward embracing digital assets. The legislation also gained momentum due to Senator Charles Schwertner’s advocacy in the Senate.

With the bill’s passage, the Texas comptroller is authorized to acquire Bitcoin, marking a potential shift in state financial strategy. It provides undefined yet substantial potential, allowing undefined investments in cryptocurrency.

“Today is a pivotal moment in securing Texas’ leadership in the digital age with the passage of our strategic Bitcoin reserve. Now we embrace a modern asset with traditional properties, but future promise.” — Giovanni Capriglione, Representative, Texas Legislature

Bitcoin Price, National Trends, and Regulatory Implications

Did you know? Texas could join Arizona and New Hampshire in using public funds for a Bitcoin reserve, highlighting a national trend influenced by recent policy changes.

Bitcoin trades at $107,221.77, gaining 1.64% in 24 hours, with a market cap of $2.13 trillion, according to CoinMarketCap. Over 90 days, the price rose 9.19%. The total supply remains near its max at 21 million coins.

According to Coincu research, the move aligns with recent financial shifts and technological growth, potentially influencing Bitcoin’s integration into public funds management. Texas’s action could have regulatory ripple effects, increasing Bitcoin’s adoption.