Texas legislators have promoted the final stage of the Strategic Bitcoin Reserve (SBR), which may turn it into the third state of the US with cryptocurrencies. This step follows the steps of Arizona and New Hampshire, which recently signed two SBRs Act.
The fate of the Texas Bitcoin reserve will be decided by June 2
On Wednesday, the Texas Economic Commission (DOGE) passed the Senate bill 21 (SB 21), stepping on to the next legislation.
The aim of the sponsored bill of national senator Charles Schwertner aims to create the Texas strategic bitcoin (BTC) reserve, which allows the state -inspector to invest in cryptocurrencies with market capitalization of at least $ 500 billion in the last twelve months.
The House Committee accepted the SB 21 in 9-4 votes without amendments and without any of these committees it will go to the final vote of the house. Namely, two months ago, the bill wiped the Texas Senate in 25-5 votes.
Texas advances SB 21 to the final voting stage. Source: Bitcoin Laws on X
Pierre Rochard, CEO of Bitcoin Bond Company, confirmed That Texas is likely to have a SBR but noted that “the big open question is how much BTC is acquired”.
Namely, Senator Schwertner originally submitted cryptocurrency legislation in January as a Senate bill of 778 (SB 778), setting a $ 500 million ceiling for BTC purchases and had more restricted surveillance and security measures.
In February, he confirmed the bill to SB21, removing each year -old purchase limit and extending the extent of the legislation to cover other cryptocurrencies, which corresponded to a $ 500 billion market capitalization threshold.
Julian Fahrer, Founder of Bitcoin Laws, recommended That the final decision of the SB 21 should be known within the next three weeks at the latest, as the Texas legislature will postpone on June 2. If the legislation exceeds the vote of all members of the house, it shall be directed to the governor's desk or veto.
US SBR competition continues
Texas follows the steps of New Hampshire and Arizona, which became the first two states in the US with a strategic bitcoin reserve. On Tuesday, the New Hampshire governor Kelly Ayotte announced that he had signed a bill of 302 (HB 302) by law, allowing the state to invest up to 5% of its national funds in digital assets at a culfabil of at least $ 500 billion, such as BTC and precious metals.
Similarly, Katie Hobbs, the governor of Arizona, signed a bill of 2749 (HB 2740) on Wednesday, “Technically AZ's first cryptor”, detailed Bitcoin laws. Legislation does not allow investment, but allows the state to move requirements, air droplets and bonuses to the reserve.
Monitoring platform confirmed The fact that this is an important step because it shows that the governor Hobbs is the introduction of vetochryptic legislation after the Senate Bill 1025 (SB 1025).
As Bitcoin said, Veto was governor “Arizona's Strategic Bitcoin Reserve Act” because cryptocurrencies were too tested for the country's pension fund. The bill would have made it possible to invest up to 10% of its cryptocurrency assets in Arizona, such as the state tranquility or in the state pension system, focusing on the BTC.
The Hobbs crypto-friendly label is a crucial Senate bill of 1373 (SB 1373), another SBR, which does not include investment in pension funds, is directed behind his desk after 6 May.
BTC trades at $99,480 in the one-week chart. Source: BTCUSDT on TradingView
Highlighted Picture from Site Unsplash.com, Graph's Site TradingView.com
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