Texas’ SB 21 Bitcoin Reserve bill clears second House reading with strong support; one vote and Governor Abbott’s signature remain.
This bill has incorporated elements from other successful endeavors, such as the New Hampshire mechanism, allowing new tokens to be added to the Reserve. Texas would authorize altcoins that maintain a $500 billion market capitalization for two years.
Texas may establish a Bitcoin Reserve
Several US jurisdictions have pursued local Bitcoin Reserves since President Trump first endorsed the concept. Texas’ Lieutenant Governor declared a Bitcoin Reserve a high priority shortly after Trump’s Inauguration.
SB 21 has since advanced through the Senate and the committee and is nearly on its way to the governor’s desk.
“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,” a pro-crypto policy watchdog claimed.
Many of the characteristics of other Bitcoin Reserve proposals nationwide have been incorporated into Texas’ endeavor. New Hampshire was the first state to enact a bill, and it employs comparable language.
Although it is purportedly a Bitcoin reserve, it also allows for the inclusion of other assets, as long as they have a market capitalization of $500 billion. SB 21 also includes this, albeit with the aforementioned 24-month restriction.
The progress that has been made today does not constitute an absolute triumph. To establish a Bitcoin Reserve, SB 21 must obtain a final vote by the conclusion of Texas’ legislative session on June 2. Although the bill has garnered overwhelming support, it is still encouraging.
Governor Greg Abbott is a long-standing advocate for Bitcoin, and the final step could potentially occur this week.
Texas’ Bitcoin Reserve appears highly probable due to gubernatorial support and bipartisan ballots. Nevertheless, anything is possible.
The governor of Arizona ostensibly signed a law that would have permitted the state to hold Bitcoin (BTC); however, she vetoed two bills that would have enabled the purchases. Florida’s initiative also demonstrated early bipartisan support; however, its Reserve legislation did not advance significantly.
Despite the optimistic indications, these occurrences underscore the necessity of not assuming anything. Texas’ SB 21 would be one of the few survivors if it succeeds, as most state Bitcoin Reserve proposals have failed thus far.
Nevertheless, the GENIUS Act’s triumph over immense opposition is a valuable lesson. The crypto industry continues to receive substantial political backing.
