Texas Pushes for a Bitcoin Reserve: The Senate Prioritizes Groundbreaking Crypto Bill!
Investments in other eligible cryptocurrencies are now possible after Texas lawmakers re-filed a strategic Bitcoin reserve measure under a slightly different name.
SB 21 would make our state the first to establish a Strategic Bitcoin Reserve and drive innovation, growth, and financial freedom,
Texas state Senator Charles Schwertner
He also expressed gratitude to Lieutenant Governor Dan Patrick for ranking his bill, which would create the Texas Strategic Bitcoin Reserve, among the top 40 priority issues in the Senate.
Texas Re-Files Bitcoin Reserve Bill: What’s Changing in Crypto Legislation?
On February 12, Schwertner re-filed legislation to invest in cryptocurrency and to provide the comptroller of public accounts investment authority over reserve and some other state assets. In order to promote economic resilience and financial security, the bill creates a reserve as an investment vehicle that gives the state the authority to actively purchase, sell, and manage cryptocurrency assets.
The strategic Bitcoin reserve measure SB 778, which was announced by the Republican legislator in mid-January, is somewhat different from SB 21. Additionally, SB 21 provides financial experts more authority, whereas SB 778 gives state lawmakers more authority and imposes more stringent funding, security, and supervision regulations. The previous law forbids using Bitcoin for other state functions unless specifically permitted and only allows the state to purchase and hold it as a strategic asset.
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