Texas Governor Greg Abbott did not sign the Senate Bill (SB) 21, which would create a strategic bitcoin reserve (SBR) to the state.
On June 20, ABBOTT 306 has signed a draft law from the eighty -ninth legislative session, including 15 considered high priority. One of these measures imposes efficiency via state agencies to tighten government accountability.
The legal basis for the Bitcoin Standard Reserve in Texas
However, SB 21 was noticeably absent from the list, despite its ability to make Texas one of the first American states to carry Bitcoin as a backup asset.
SB 21 would allow the state observer to allocate surplus public revenues to purchase Bitcoin, using transparency and supervision instructions similar to those in effect already for gold holdings in BulLion Texas deposit.
To maintain the stability of assets, the bill only allows the assets of market value exceeding $ 600 billion for two consecutive years. Currently, bitcoin only meets this standard.
Ruler’s office Abbott I mentioned He still reviews more than 1,200 laws that have been sent to his office in this session. This includes SB 21, which is still under study just a few days before the deadline for automatic legislation.
However, Julian Fahr, founder of Bitcoin laws, noticed the missed opportunity for a symbolic signature event, citing similar celebrations in other prominent bills.
“It is a little strange that he was absent from the opportunity last week to hold a press conference and its offer – as he did for other high priority bills,” He said.
However, Fahr explained that Bitcoin’s bill could become a law even without signing it on June 22. Under the Texas Law, any bill has not been overturned or signed within 20 days of postponing the legislative session automatically.
“It is in the Texas Constitution. After 20 days of delay, bills have become unlawful.”
Moreover, bitcoin preacher Indicate Abbott signed Bill 4488, which may be indirectly associated with SB 21.
This legislation guarantees some of the state’s funds-including the proposed bitcoin reserve-by appointing it as permanent. These funds can be stored inside or outside the Treasury, based on the future legislative guidance.
Meanwhile, the governor’s lack of work on SB 21 sparked curiosity, especially given his previous support for encryption.
Just weeks ago, Abbott participated in the draft law on his official account x, indicating enthusiasm for Blockchain in Texas. It has also supported legislation that enhances encryption mining as a tool for economic growth and network flexibility.
Disintegration
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