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Texas is now the first US state to purchase and hold Bitcoin, but why did it act during a market pullback, and how could this move influence national crypto policy?
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Texas News
Texas is a state in the south of the USA. Texas is second in the country in terms of both territory and population. The state is a center for agriculture, oil and gas production, education and finance, so it has a strong economy and Texas’ GDP is usually compared with the GDP of Russia. In terms of Bitcoin in Texas, it is allowed to be used and the state is frequently a location for various cryptocurrency-related projects and conferences, such as the Texas Blockchain Conference. Besides that, the state is the place of origin of the North Texas Blockchain Alliance. which is an organization aimed to provide support for developing blockchain technologies and organization for related events in the North Texas region.
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Texas’ Bitcoin reserve initiative under SB 21 signals a shift in how governments may approach digital assets and how it could influence the financial system at a macro level.
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The US-based cryptocurrency exchange has not had a brick-and-mortar headquarters amid adopting its “remote-first” policy, but maintains offices in San Francisco and New York City.
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Residents of a small area in Hood County have attempted to form a municipality to exercise authority over a Bitcoin mining site they claim is generating excessive noise.
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HB 183 revives Florida’s crypto-reserve push, allowing up to 10% in digital assets while adding tougher custody, documentation and fiduciary standards.
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The cryptocurrency with the second-largest market cap was on its way to meeting requirements under Texas' crypto reserve law until a price drop on Friday.
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Galaxy Digital secured $1.4 billion to expand its Texas Helios AI data center, expecting $1 billion in annual revenue from a 15-year CoreWeave partnership.
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At least 50% of US states have strong congressional representative support on blockchain policy, while 36% have an active pro-crypto task force.
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Governor Greg Abbott signed a bill into law allowing Texas residents to use precious metals for “day-to-day financial transactions” starting in May 2027.
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Texas becomes the first US state to commit public funds to a standalone Bitcoin reserve, aiming to treat BTC as a long-term strategic asset.
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Texas Representative Brandon Gill faces scrutiny after filing late disclosures for $500,000 in Bitcoin trades, as questions over timing and STOCK Act violations arise.
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Governor Greg Abbott posted to his official X account on May 22, roughly a day after the legislature passed a bill to create a strategic Bitcoin reserve in Texas.
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If signed into law, the bill would allow the Texas comptroller to establish a Bitcoin reserve and invest in select cryptocurrencies based on market cap criteria.
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A Bitcoin reserve bill passed by the Texas Senate has made progress in the House, advancing out of committee to head to the floor.
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MARA Holdings and the head of digital assets research at VanEck endorsed the FLARE Act proposed by Texas Senator Ted Cruz on April 1.
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