Texas Advances Bitcoin Reserve Bill, Taking Steps Toward Crypto-Backed Strategy

Texas lawmakers have taken a significant step toward establishing a state-backed Bitcoin reserve with the passage of Senate Bill 21. The bill, passed in a 101-42 vote on its third reading, now awaits approval from Governor Greg Abbott before it can be implemented. If signed into law, the bill would grant the Texas comptroller authority to manage the reserve, focusing initially on cryptocurrencies with market capitalizations exceeding $500 billion over the past year. Currently, Bitcoin alone meets this criterion.