In the heart of the Lone Star State, a financial revolution is brewing! Texas Senator Charles Schwertner has reintroduced a groundbreaking Bitcoin reserve bill, now known as “SB 21,” abolishing the previous $500 million annual purchasing cap and opening the door to substantial state-level Bitcoin investments. This new bill also extends its reach to other crypto assets that meet a specific market capitalization threshold.
SB 21: Texas’ Bullish Stance on Bitcoin
The revised bill, unveiled on the 12th of February, builds upon Schwertner’s earlier proposal, SB 778, which permitted Texas to acquire and hold Bitcoin solely as a strategic asset. Unlike its predecessor, SB 21 empowers the state to actively trade, buy, and manage crypto assets as a financial instrument. Moreover, it enables investments in other digital assets that have maintained a market capitalization of at least $500 billion over the past year—currently, only Bitcoin meets this criterion.
Senator Schwertner expressed his gratitude to Lieutenant Governor Dan Patrick for designating SB 21 as one of the Senate’s top 40 priority bills for 2025: “Thank you to Lt. Governor Dan Patrick for designating my bill to establish the Texas Strategic Bitcoin Reserve as one of the Senate’s top 40 priority bills. SB 21 would make our state the first to establish a Strategic Bitcoin Reserve & drive innovation, growth, & financial freedom!”
The original legislation, SB 778, had imposed a $500 million annual limit on Bitcoin purchases and featured more stringent oversight and security requirements. SB 21, however, eliminates these constraints, providing financial experts with greater control over digital asset acquisitions rather than relying on state lawmakers directly, as was the case with SB 778.
Pierre Rochard, Vice President of Research at Riot Platforms (NASDAQ: RIOT), took to Twitter to laud SB 21’s potential: “NEW: the new legislative text for the Texas Strategic Bitcoin Reserve, SB 21, is very bullish! It removes the annual buying limit of $500 million, the legislature can appropriate as much as it wants to save BTC.”
The proposed establishment of a state-controlled Bitcoin reserve has garnered considerable attention from Texas politicians and crypto advocates alike. Lieutenant Governor Dan Patrick had previously announced the measure as a high-priority item, and Schwertner’s reintroduction of the bill reinforces the legislature’s commitment to exploring cryptocurrency as part of the state’s fiscal strategy.
Dennis Porter, CEO and founder of the Satoshi Act Fund, underscored the bill’s significance: “MASSIVE: A bill to create a ‘Strategic Bitcoin Reserve’ in Texas has been refiled by Dr Schwertner. I’ve been told by the Lt. Governor’s office multiple times that this bill is a major priority.”
As 19 US states consider legislation surrounding crypto assets, Texas is poised to lead the way in cryptocurrency innovation and investment. By removing the $500 million cap and expanding investment capabilities, the Lone Star State is on track to become the first US state to hold a formidable Bitcoin reserve. This bold move could send a powerful message about the role of digital assets in long-term public finance strategy.
At the time of writing, BTC was trading at $96,145.
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2025-02-14 07:43