The Texas Senate has advanced its leadership in the cryptocurrency sector with the passage of Senate Bill 21, which aims to create a state-managed Bitcoin reserve. This significant legislative move, reported on March 9th by COINOTAG News, highlights Texas’s commitment to establishing a robust framework for digital assets within the United States. The initiative, backed by bipartisan support, proposes the establishment of a fund dedicated to holding Bitcoin and other cryptocurrencies valued at over $500 billion, making it eligible for allocations from the state budget.
Furthermore, the bill sets forth the formation of the Strategic Bitcoin Reserve Advisory Council, tasked with overseeing the management of the fund and necessitating a biennial report on the reserve’s holdings. While the bill has garnered significant attention, it must still receive approval from the House of Representatives and the Governor’s signature to be enacted. Texas Lieutenant Governor Dan Patrick asserts that this legislative action positions Texas as a potential digital hub for the nation, emphasizing its long-term vision for a flourishing cryptocurrency landscape.