Texas is very likely to become the second US state with a Bitcoin Reserve, now that SB 21 passed the final House reading. Only the governor’s signature stands between it and becoming a law, and he has signaled his support.
Despite recent setbacks, pro-crypto legislative efforts in the US are looking strong. Texas adopted language from New Hampshire’s successful effort, and future bills could do the same.
Texas Might Have a Bitcoin Reserve by June 2
Just yesterday, Texas’ state legislature overwhelmingly voted to approve a state-level Bitcoin Reserve. This follows months of preparation, representing a continued level of enthusiasm. Pro-industry observers believed that the final vote could take place as soon as today, and it looks like this optimism has been vindicated:
“Texas passes Strategic Bitcoin Reserve Bill. SB 21 passes third reading by a vote of 101-42 and now heads to the Governor’s desk for signature,” a crypto policy watchdog claimed. Observers also noted that the vote took place very quickly.
Assuming that Governor Greg Abbot signs the bill, then Texas will follow New Hampshire to be the second US state with its own Bitcoin Reserve. Like New Hampshire’s measure, SB 21 could also allow assets other than Bitcoin to enter the reserve. A token will need to maintain a market cap of $500 billion for 24 months, and then it will be eligible.
Pro-crypto regulation efforts are still strong, as evidenced by the GENIUS Act’s unlikely success this week. If other Bitcoin Reserve proposals learn from Texas’ example, the movement could see more successes in the near future.
