Texas House committee passes Bitcoin reserve bill for full floor vote

A Texas House Committee has passed a Republican-backed bill to create a Bitcoin reserve, which now only needs a successful full floor vote before heading to the governor’s desk.

The Texas House Committee on Delivery of Government Efficiency passed Senate Bill 21 with no amendments on May 7 in a 9-4 vote along party lines. The bill has already passed the Texas Senate, in a 25-5 vote on March 6.

SB 21 would establish the “Texas Strategic Bitcoin Reserve,” controlled by the state’s comptroller — currently Glenn Hegar — who would be permitted to invest in digital assets that have obtained a market cap of at least $500 billion over the last twelve months, which would currently only include Bitcoin (BTC).

Source: Pierre Rochard

Republican Senator Charles Schwertner initially introduced SB 21 in January as a Bitcoin-only bill.

However, the bill was refiled to include the potential inclusion of other digital assets in February.

Bitcoin Laws founder Julian Fahrer said on X that the fate of SB 21 should be determined before June 2, when the Texas legislature adjourns.

If the bill sees a successful full floor vote, it would head to Governor Greg Abbott’s desk. Abbott expressed his desire to make Texas the “crypto capital” of the US in November and accepted Bitcoin donations as part of his campaign in 2014

Two Bitcoin reserve bills now signed into law

The Texas vote comes the same day as Arizona Governor Katie Hobbs signed a bill into law that allowed the state to keep unclaimed crypto and establish a Bitcoin and Digital Asset Reserve Fund that won’t use taxpayer or state funds.

The state can also stake abandoned crypto to earn rewards or receive airdrops, which can then be deposited into its crypto fund.

Related: Swedish MP proposes Bitcoin reserve to finance minister

New Hampshire Governor Kelly Ayotte also signed House Bill 302 into law days earlier on May 6, allowing the state’s treasury to use funds to invest in cryptocurrencies with a market cap of more than $500 billion.

Florida, however, removed two Bitcoin reserve bills on May 3 — a day when state lawmakers passed 230 bills ranging from prohibiting putting fluoride in water, protecting state parks, and banning smartphone use in schools.

Magazine: Adam Back says Bitcoin price cycle is ’10x bigger’, has ’empathy’ for ETF buyers