In a most remarkable turn of events, the esteemed members of the Texas House of Representatives have, with great fervor, passed a most groundbreaking piece of legislation aimed at establishing a Bitcoin reserve. Indeed, Texas is poised to become the second state in this great nation to embark upon such an audacious venture. 🤑
With a decisive vote of 101 to 42 in the third reading, the Senate Bill 21 has garnered support from a veritable cornucopia of political factions. This bill, having previously received the Senate’s approval with a rather lopsided vote of 25 to 5, shall soon undergo a concurrence vote on the House amendments before it is dispatched to the illustrious Governor Greg Abbott. It is widely anticipated that he shall sign it into law, given his unwavering affection for all things cryptocurrency. 💰
Authored by the esteemed Senator Charles Schwertner and introduced in the House by the ever-enthusiastic Representative Giovanni Capriglione, this bill seeks to empower Texas to hold cryptocurrency reserves for assets boasting a market capitalization exceeding a staggering $500 billion. At present, Bitcoin is the sole cryptocurrency that meets this lofty criterion. Supporters of this bill are convinced that it shall enable the state to reap the benefits of holding Bitcoin, thereby positioning Texas as a veritable beacon of innovation in the financial sector. 🌟
Moreover, the bill delineates certain guidelines that must be adhered to before the state’s funds may be employed in the realm of crypto investment. Should this bill pass, the oversight of the Bitcoin reserves would fall to the state’s comptroller, a position of no small responsibility, I assure you.
Crypto Reserves in the U.S. States
Yet, Texas is not alone in its aspirations to create a Bitcoin reserve. The fine state of New Hampshire currently holds the honor of being the first in the Union to establish such a reserve. Meanwhile, other states, such as Florida and Arizona, have attempted similar initiatives, only to be thwarted by concerns regarding the notorious volatility of cryptocurrency. 😅
In a rather amusing twist, the governor of Arizona rejected Senate Bill 1373 on May 12, which would have facilitated the creation of a BTC reserve in that state, allowing the treasury to utilize up to 10% of state funds for cryptocurrency holdings. The governor, in a moment of prudence, deemed it unwise to employ taxpayers’ money in such a speculative endeavor. However, he did not entirely dismiss the allure of crypto, permitting the establishment of Bitcoin ATMs, albeit with strict guidelines to safeguard the unsuspecting users. How very considerate! 😂
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2025-05-23 20:06