Texas Lawmakers Refile Bitcoin Reserve Invoice, Increasing Scope to Embody Different Cryptos

Texas lawmakers have reintroduced a invoice aimed toward establishing a state-run Bitcoin reserve, this time broadening its scope to incorporate different digital property that meet particular standards.

The brand new laws, Senate Invoice 21 (SB 21), replaces a earlier model and introduces extra versatile funding methods.

State Senator Charles Schwertner introduced the invoice’s refiling on February 12, emphasizing its potential to place Texas on the forefront of monetary innovation.

“SB 21 would make our state the primary to determine a Strategic Bitcoin Reserve and drive innovation, development, and monetary freedom,” he said.

Lieutenant Governor Prioritizes Bitcoin Reserve Invoice Amongst Senate’s Prime 40 Measures

Schwertner additionally acknowledged Lieutenant Governor Dan Patrick for prioritizing the invoice among the many Senate’s prime 40 legislative measures.

Satoshi Motion Fund founder Dennis Porter confirmed the invoice’s significance, stating on social media that he had obtained a number of assurances from the lieutenant governor’s workplace about its excessive precedence.

The newly filed SB 21 builds upon SB 778, the same invoice launched in mid-January, however consists of key modifications.

Whereas SB 778 strictly restricted Texas to buying and holding Bitcoin as a strategic asset, SB 21 expands the scope by permitting the state to actively purchase, promote, and handle cryptocurrency investments.

One notable provision in SB 21 permits investments in extra digital property, offered they’ve maintained a market capitalization of a minimum of $500 billion for the previous twelve months.

At the moment, solely Bitcoin meets this criterion, however the framework leaves room for future growth ought to different cryptocurrencies attain this threshold.

Moreover, the revised invoice shifts extra decision-making energy to monetary consultants somewhat than state legislators.

In distinction, SB 778 imposed stricter oversight and funding restrictions.

Riot Platforms Vice President of Analysis Pierre Rochard praised the modifications, calling the brand new laws “very bullish” and highlighting its removing of the earlier $500 million annual shopping for cap, permitting the legislature to allocate funds at its discretion.

Extra U.S. States Suggest Bitcoin Reserve Payments

Texas is one in all 19 U.S. states with proposed cryptocurrency laws.

Final week, Florida Republican Senator Joe Gruters launched a invoice proposing that the state allocate a portion of its funds to Bitcoin and different digital property as a hedge towards inflation.

Utah Home Invoice 230 not too long ago cleared the state’s Home of Representatives on February 6 and is now shifting to the Senate.

Utah’s invoice, launched by Consultant Jordan Teuscher, would permit the state treasurer to allocate as much as 5% of public funds into Bitcoin, stablecoins, and different high-cap digital property.

Arizona has additionally moved its respective payments past the Home committee stage, whereas North Carolina not too long ago launched a measure to allow state investments in Bitcoin exchange-traded merchandise.

In the meantime, North Dakota opted towards advancing the same proposal.

In one other optimistic growth, US spot Bitcoin exchange-traded funds (ETFs) noticed inflows totaling almost $5 billion in January, a powerful begin that would push them towards $50 billion or extra by the tip of the yr, in keeping with Bitwise CIO Matt Hougan.

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