Texas has a Bill Push to Have Strategic Bitcoin Reserve
Texas has now reintroduced a bill aiming to create a Strategic Bitcoin Reserve but made it a little wider by allowing investments in select cryptocurrencies. Senate Bill 21 (SB 21) is filed by Senator Charles Schwertner on February 12, which builds on the earlier draft but gives new freedom for investments.
SB 21 would establish a Strategic Bitcoin Reserve in our great state, driving innovation, growth, and financial freedom,” Schwertner said.
This bill has political momentum; according to Lt. Gov. Dan Patrick, it’s one of the top 40 bills of the Senate.
Main Differences between SB 21 and SB 778
To put it differently, while SB 778, which was filed in January, limits investments on BTC as a strategic asset, SB 21 enables the state to actively trade, buy, and sell in regard to investment.
Most significantly, it says that SB 21 now makes legal eligibility also the two other digital assets-as long as these assets boast at least $500 billion in market capitalization for the past twelve months. Currently, only Bitcoin qualifies under this criterion.
Among the major changes, SB 21 transfers the control over the reserve from state legislators to financial advisers who will now more professionally manage investments in said reserve.
An End to Annual Buying Limit of $500 Million:
Another significant change is the removal of the $500 million annual cap on purchases found in SB 778. It thus allows the legislature unrestricted allocation to the purchase of Bitcoin and other qualifying assets.
“The new text of legislation is very bullish. The cap on the annual purchase has been removed; there would be unlimited appropriation by the legislature to save BTC,” commented Pierre Rochard, vice president of research at Riot Platforms.
More Crypto Legislation in the U.S. Today, Texas joins the pack of 19 other states in the U.S. that presented crypto bills. Arizona and Utah have passed similar measures beyond the House committee level, while North Carolina is now considering a bill that would allow the state to invest in Bitcoin exchange-traded products.
North Dakota is against a proposed crypto investment.
What Will Happen Next?
If passed, SB 21 would be the first state to have an official Strategic Bitcoin Reserve, further solidifying its pro-crypto policy and economically resilient identity.
