On February 7th, the Texas Strategic Bitcoin Reserve Bill (Senate Bill 778) was presented to the Senate Finance Committee, a significant step towards enhancing the state’s engagement with **digital assets**. Proposed by Senator Charles Schwertner, the initiative seeks to establish a **state-managed Bitcoin reserve** aimed at bolstering financial security and fostering **innovation in cryptocurrency**. The bill outlines critical provisions, including authorizing the state to utilize Bitcoin as an official **financial asset** and permitting Texas residents to contribute Bitcoin to the reserve. Oversight will be the responsibility of the Texas State Auditor’s Office, ensuring proper management through **cold storage solutions** and routine audits. Notably, the proposed legislation includes a ban on acquiring Bitcoin from foreign entities with ties to criminal activities and stipulates that the **Governor** may authorize reserve sales during emergencies. Furthermore, the advisory council proposed will consist of state legislators and finance officers to oversee the initiative’s implementation effectively.
Source: https://en.coinotag.com/breakingnews/texas-introduces-groundbreaking-bitcoin-reserve-bill-to-boost-financial-security-and-innovation/