Texas passed Senate Bill 21This measure establishes the Texas Strategic Bitcoin Reserve. Texas becomes the third U.S. states to include Bitcoin as part its state investment strategies, after Arizona and New Hampshire. This bill is officially called the “Texas Strategic Bitcoin Reserve and Investment Act”The bill has now been approved by both chambers of the legislature and is on its way to Greg Abbott for his final approval.
SB21 allows for the formation of the Texas Strategic Plan Bitcoin According to legislation, Reserve is a fund separate from the Texas state Treasury that allows Texas to directly invest in Bitcoins and other cryptocurrencies. According to the legislation, the State Treasurer has full control over managing the Reserve, which includes acquiring, managing and staking digital assets, as well as liquidating them.
“The establishment of a strategic bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state,” Declares the law.
The Treasurer of the State will be responsible for managing this fund according to strict rules:
- The only cryptocurrencies which can be bought are those with an average 12-month market cap exceeding $500 billion.
- Stocks of assets should be stored in a secure place “cold storage” Technology to block unauthorized access.Â
- Contracts for operation may include third-party partners such as qualified custodians or liquidity providers.
- Staking and derivatives are allowed as long as they benefit the reserve.
Money can be raised through legislative budgets, gifts from Texas citizens, or returns from investments. The State Treasurer may temporarily liquidate the reserve for cash management in limited circumstances, while it operates independently.
The Governor Abbott is yet to indicate whether or not he intends to sign the legislation, but given his previous support for Bitcoin it seems likely that he’ll do so.
“Texas is getting involved early on in this process because we see the future of what bitcoin and blockchain means to the entire world,” In an interview, Governor Abbott stated that he was a interview. “Texas wants to be the centerpiece of that. So we are promoting it, we are advancing it.”
The following is a list of the most recent and relevant articles. New Hampshire Dennis Porter, Co-Founder and CEO of Satoshi Action and the company’s CEO said it was only the start and we are seeing this vision take shape.
“Satoshi Action drafted the model, New Hampshire engraved it into law, and now every treasurer nationwide can follow that roadmap,” Dennis Porter stated on X. “HB 302 proves you can protect taxpayer money, diversify reserves, and future-proof state treasuries—all while embracing the most secure monetary network on Earth. New Hampshire didn’t just pass a bill; it sparked a movement.”
“This article is not financial advice.”
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Source: bitcoinmagazine.com
