Texas SB 21 attempted to create a state-level Bitcoin reserve and passed the second home reading with overwhelming support. To become law, another vote and a signature from Governor Abbott.
The bill employs components from other successful efforts, such as the New Hampshire mechanism to add new tokens to reserves. Currently, Texas allows Altcoins to maintain a market capitalization of $500 billion for two years.
Texas may pass through Bitcoin Reserve
Since President Trump first supported the concept, several US states have pursued their own local Bitcoin reserves. Shortly after Trump’s inauguration, the Texas lieutenant governor called the Bitcoin reserve a top priority.
Since then, Bill SB 21 has sailed through the committee and the Senate, nearly reaching the governor’s desk.
“Texas Strategic Bitcoin Reserve Bill Pass House second reading. Passed with 105-23 votes. SB21 has been revised to increase the time the market capitalization of digital assets is considering claims between 12 and 24 months.
The Texas initiative has adopted many features from other Bitcoin reserve bills across the country. New Hampshire was the first to consolidate the bill into law, and shares similar languages.
On the surface, it is a Bitcoin reserve, but if it has a market capitalization of $500 billion, it also allows other assets. The SB 21 also features the 24-month limit mentioned above.
Progress today does not represent a perfect victory. The Texas legislative session will end on June 2nd, with SB 21 having to pass a final vote by then to establish a Bitcoin Reserve. Still, the overwhelming support of the bill is encouraging.
In theory, there could be a final step this week, with Governor Greg Abbott being a longtime Bitcoin supporter.
Between bipartisan votes and governor support, Texas’ Bitcoin reserve appears to be highly likely. But anything can happen.
The Arizona governor technically signed a law that allowed the state to retain BTC, but rejected two bills that actually allow the purchase. Florida’s efforts also showed early bipartisan support, but the reserve bill didn’t go as far as it went.
These incidents demonstrate the importance of not taking anything for granted despite optimistic signals. Most states’ Bitcoin reservation proposals have failed so far, and if successful, Texas’ SB 21 will become one of a very few survivors.
Yet despite intense opposition, the success of the genius also contains valuable lessons. The political support of the crypto industry is extremely strong.
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