The Texas House of Representative passed the third reading of SB 21, a bill aimed at establishing a strategic bitcoin reserve in the state. The bill was passed on to a 101-42 vote and is now going to Texas Governor Greg Abbott to sign in to the law or veto.
SB 21, written by state senator Charles Schwertner, establishes a Bitcoin (BTC) reserve managed by the State Comptroller. The law allows the comptroller to invest in any cryptocurrency with a market cap above $ 500 billion in the previous 12-month period. Currently, the only cryptocurrency that fits the requirement is Bitcoin.
Prior to the vote, state representative Giovanni Capriglione told the room that the bill was a “pivotal moment in connection with the Texas leadership at a digital age along with the passage of our strategic bitcoin reserve. Now, let’s embrace a modern presence with traditional presence for future promise.
This is a story development, and further information will be added as it is available.
