Texas Bill Clears Committee, Heads to Governor for Decision on Bitcoin Reserve

A House committee in Texas has unanimously voted to approve a bill establishing a Bitcoin reserve for the state. The Senate version of the bill passed earlier this year, and now it only needs approval by the full House before heading to the governor’s desk for final decision. 5-4 vote in support of SB 21 was cast on May 7th. The Texas Strategic Bitcoin Reserve, controlled by Comptroller Glenn Hegar, would invest in cryptocurrencies with a market capitalization exceeding $500 billion over the past year, currently being solely Bitcoin (BTC). The bill has undergone several amendments since its initial introduction as a Bitcoin-only measure in January. This move follows the recent signing of similar legislation in Arizona and New Hampshire. Governor Abbott has expressed his aim to establish Texas as a leading cryptocurrency hub, and this bill could be a significant step towards that goal.