Overview
Texas is making strides to establish a strategic Bitcoin (BTC) reserve following the approval of Senate Bill 121 by the House of Representatives. This bill aims to create a “Texas Strategic Bitcoin Reserve” for investing in cryptocurrency, which emphasizes the investment authority of the comptroller of public accounts over the reserve and other state funds.
Key Details
- The bill received a 101-42 approval vote in the House and is pending a concurrence vote in the Senate, according to amendments made by the House.
- If passed, Texas will join New Hampshire as the second state to set up a strategic reserve for digital assets.
In a related context, a similar bill in Arizona reached the governor’s desk but was vetoed by Katie Hobbs, who referred to Bitcoin as an “untested investment” despite allowing for a separate bill permitting the state to manage unclaimed digital assets.
