Texas Bitcoin Reserve Bill clears key legislative hurdle, awaits final vote

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Texas Takes the Bitcoin Bull by the Horns! 🤠💰

  • Texas advances SB 21 to establish a state-run Bitcoin Reserve.
  • Ukraine plans Europe’s first national Bitcoin Reserve amid rising global crypto adoption.

Ah, Texas! The land of cowboys, barbecue, and now, it seems, Bitcoin. With Senate Bill 21 galloping through the legislative plains, the Lone Star State is poised to make history by establishing a state-controlled Bitcoin Reserve. Who knew that digital currency could be as Texan as a ten-gallon hat?

Texas moves ahead with the State Bitcoin Reserve Bill

With bipartisan support that could make even the most jaded politician shed a tear, the bill recently cleared its second reading in the Texas House with a resounding 105-23 vote. Now, it awaits one final approval before it can strut its stuff on Governor Greg Abbott’s desk. Talk about a legislative rodeo!

Originally inspired by the antics of other states and buoyed by the national momentum following former President Trump’s endorsement (because who doesn’t want a little Trump magic?), SB 21 incorporates mechanisms akin to those used in New Hampshire. Only the most elite altcoins, with a sustained $500 billion market cap over 24 months, will be eligible for inclusion. Sorry, Dogecoin!

The bill’s trajectory, from rapid committee approval to Senate passage, highlights a growing appetite for sovereign crypto-backed reserves at the state level. Texas is positioning itself as a potential pioneer in digital asset adoption, or at least as the state with the fanciest Bitcoin stash.

In a moment of sheer brilliance, a pro-crypto policy watchdog remarked,

“Texas’ Strategic Bitcoin Reserve bill passes House second reading. SB 21 passed by a vote of 105 – 23. SB 21 was also amended to increase the length of time a digital asset’s market cap is under consideration for inclusion in the bill, from 12 to 24 months…making it harder to qualify.”

How will it impact Texas’s crypto ecosystem?

Texas’s push to formalize a Bitcoin Reserve traces its roots back to December of last year, when the idea first emerged under H.B. 1598. It’s like watching a slow-motion train wreck, but in a good way!

The legislation proposes that the reserve hold Bitcoin, and potentially other digital assets, as a strategic safeguard against inflation and economic uncertainty. Because nothing says “financial security” like a digital currency that can fluctuate more than a rodeo bull!

According to the House committee’s version, the state comptroller would be required to submit biennial reports detailing the crypto holdings, their current valuation, and any changes over time. An expert advisory panel composed of seasoned crypto investors would assist in managing the reserve’s assets. Because who wouldn’t want a panel of crypto enthusiasts making decisions about their money?

This legislative momentum follows Texas’s rise as a dominant force in the U.S. crypto mining sector over the past two years. But before the bill can be enacted, it must pass a third reading in the House. And since it was amended, the final version will require reconciliation between the House and Senate drafts before reaching the governor. It’s like a legislative game of telephone!

Is Texas following New Hampshire’s footsteps?

If Texas successfully pushes Senate Bill 21 into law, it could become the second U.S. state to establish a state-managed Bitcoin reserve, following New Hampshire’s lead earlier this month. Arizona came close, but its governor ultimately vetoed the effort, passing only a related bill concerning unclaimed crypto. Better luck next time, Arizona!

Meanwhile, the idea of national or regional Bitcoin reserves is gaining global traction. Ukraine, currently undergoing both conflict and digital transformation, is preparing to introduce legislation to create its own Bitcoin reserve. Spearheaded by MP Yaroslav Zhelezniak, this move positions Ukraine to become the first European country to pursue such an initiative. It seems the race to secure strategic crypto reserves is no longer confined to U.S. borders. Who knew Bitcoin could be so international?

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2025-05-21 18:19