Texas Advances Bitcoin Reserve Bill – Third State to Pass Legislation

Texas has taken another step towards making Bitcoin a staple of its state reserves with the House and Senate passing a bill allowing for the creation of a strategic bitcoin reserve (SBR). This follows New Hampshire and Arizona’s success in passing similar legislation. While the SB21 bill is awaiting final approval by the Texas Senate, it faces minimal hurdles after the house amended the statute regarding market cap averages. Notably, the amendment increased the average from $500 billion to $1200 billion over 24 months. The Senate is expected to approve the bill with a high probability due to their confidence in the legislation.