Texas is approaching to establish a strategic Bitcoin (BTC) reserve after the Beund Bits Chamber approved a Senate Law to create one.
The State Representatives Chamber voted in favor of bill 121 of the Senate that would establish a “Bitcoin Strategic Reserve of Texas with the purpose of investing in cryptocurrencies and the investment authority of the Comptroller of Public Accounts on the Reserve and certain other state funds.”
The bill, which was approved in a 101-42 vote, now awaits a vote of concurrence of the Senate after the chamber amendments before approved the desk of Governor Greg Abbott for a final firm.
Texas would become the second state to establish a strategic reserve for digital assets after New Hampshire.
An equivalent vote in Arizona arrived at the governor, but Katie Hobbs vetoed Bitcoin, calling Bitcoin an “unseeded investment.” However, it has promulgated a similar bill that allows the State to have abandoned digital assets as unlawful property.
