Several US states. They are approaching public money in the effort of cryptocurrencies, stimulated by President Donald Trump since he announced plans to do the same at the federal level. And Texas is now among the main contestants.
On Thursday, the Senate of the State of Texas approved the so -called SB 21 bill that would allow the State to invest part of the public’s money in digital assets, specifically Bitcoin (BTC).
Bitcoin, according to a statement by Senator of Texas Charles Schwertner last week, “has demonstrated through multiple boom and bust cycles”, which makes it a great reserve asset at the time of a “devastating national deficit” along with “inflation and uncertainty,” as Schwertner described.
New Hampshire also approved a bill on Wednesday through a committee of the House of Representatives, bill 302 of the Chamber for a vote of 16-1, which would allow the State to invest up to 5% of public funds in Bitcoin, as well as other precious metals. Then, it is advancing, although it is some votes away from the finish line.
Almost a dozen states have made strong efforts to approve a bill that would allow similar allowances, while at least five states ran into setbacks or not votes that shuddered in their bills.
Until now, Utah has been the favorite in a variety of efforts and remains only an approval of the Senate to send a bill to his governor’s desk. However, the legislative session expires this week, leaving little time for the Senate to join the House of Representatives to approve an investment of up to 5% of certain public accounts in a digital asset with more than $ 500 billion in assets. (Until now, that’s just bitcoin).
If the Utah Senate acts on Friday, the last word is for its Republican governor, Spencer Cox, who has supported Blockchain policy in the past. If not, Utah’s effort is discouraged another year, and other states such as Arizona and Texas could take the center of attention.
Recent action occurs after President Trump on Sunday again discussed his own plan for a strategic cryptography reserve. Trump said a strategic cryptographic reserve of the United States could maintain XRP, Solana (Sol) and Cardano (ADA), as well as Bitcoin and Ethereum (ETH), although many details of the effort and how they would be executed remain uncertain.
Many industry leaders have criticized Trump’s decision to maintain other cryptocurrencies beyond Bitcoin, since it is the best fits the characteristics of other reserve assets such as gold. However, the president has not provided clear guidelines on how such a strategy would work, for example, how the government would get tokens.
Read more: Utah One Vote Away, but some states do not break into cryptographic bets
