Texas is drawing nearer to establishing a strategic bitcoin (BTC) reserve after a senate invoice to create one was authorised by the decrease home.
The state’s Home of Representatives voted in favor of Senate Bill 121 which might set up a “Texas Strategic Bitcoin Reserve for the aim of investing in cryptocurrency and the funding authority of the comptroller of public accounts over the reserve and sure different state funds.”
The invoice, which handed in a 101-42 vote, now awaits a concurrence vote from the Senate following Home amendments earlier than passing to Governor Greg Abbott’s desk for a ultimate sign-off.
Texas would change into the second state to determine a strategic reserve for digital property after New Hampshire.
An equal vote in Arizona acquired all the best way to the governor however was vetoed by Katie Hobbs, calling bitcoin an “untested funding.” Nonetheless she has enacted a similar bill which allows the state to carry deserted digital property as unclaimed property.