Texas Bitcoin Bonanza: Will Silence Speak Volumes? 🤔💰

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In the grand theater of Texas, a silent heartbeat echoes, poised to birth the nation’s most colossal government-run bitcoin vault. Senate Bill 21, the illustrious Texas Strategic Bitcoin Reserve and Investment Act, has gallantly made its way to the desk of Gov. Greg Abbott, following a triumphant passage through both chambers on June 1. 🎉

Ah, the Texas Constitution, that venerable tome! Under Article IV, Section 14, our dear governor has a mere twenty days post-adjournment to either sign or veto this bill. Should he choose the path of silence, the measure will waltz into law automatically. With the 89th Legislature adjourning sine die on June 2, the fateful deadline looms on Sunday, June 22. Mark your calendars, folks! 🗓️

Our friends at @Bitcoin_Laws have taken it upon themselves to remind us all: “Governor Abbott, the clock is ticking! Sign or veto the Bitcoin Reserve Bill SB 21 by June 22, or watch it become law without your signature.” Talk about a game of legislative chicken! 🐔

Dennis Porter, the chief executive of the Satoshi Act Fund, has painted a broader picture: “New Hampshire and Arizona have already claimed the title of the first two states to pass ‘Strategic Bitcoin Reserve’ legislation. Texas is ready to join the ranks—don’t snooze on this!” 💤

This eight-page masterpiece establishes a “special fund outside the state treasury,” aptly named the Texas Strategic Bitcoin Reserve, under the watchful eye of the Comptroller of Public Accounts. SB 21 empowers the State Treasurer to invest in Bitcoin and other cryptocurrencies boasting a market cap of at least $500 billion. Because why not? 💸

With great power comes great responsibility! The comptroller is now armed with the authority to hire custodians using cold-storage technology, contract for independent audits, and even liquidate coins temporarily if cash-flow emergencies arise. A five-member advisory committee will oversee allocation and risk management, ensuring that every penny is accounted for—at least until the next legislative session! 😅

Originally filed on February 12 by the valiant Sen. Charles Schwertner, SB 21 galloped through the Senate with unanimous approval on March 6, survived a few House amendments in May, and finally triumphed in a late-night conference report with a vote of 110–25 in the House and 23–8 in the Senate on May 30. It was promptly enrolled and sent to the governor the next day. Talk about a legislative rollercoaster! 🎢

Schwertner has touted the reserve as “a hedge against inflation” and a means to solidify Texas’s status as “the crypto capital.” Comptroller Glenn Hegar, who will oversee this grand endeavor, remarked that “pioneering a strategic bitcoin reserve is a natural step for Texas,” emphasizing the need for a cautious approach when investing taxpayer dollars. Because, you know, it’s not Monopoly money! 🤑

As for Abbott, he remains tight-lipped, but his press secretary, Andrew Mahaleris, hinted in late May that the governor “looks forward to reviewing this proposal.” Sounds like a classic case of “I’ll get back to you.” ⏳

If SB 21 manages to beat the constitutional clock on Sunday, Texas will join New Hampshire—where HB 302 allows up to five percent of certain public funds to be invested in assets exceeding $500 billion—and Arizona, which has redirected unclaimed property proceeds into bitcoin. Both states enacted their measures in early May. Who knew the states were in a race? 🏁

As of now, BTC is trading at a staggering $105,764. Hold onto your hats, folks! 🎩

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2025-06-18 05:14