TEXAS is a step approaching the creation of Bitcoin reserves, with the Senate’s approval of a draft law seeking to invest public funds in BTC.
After a voting session on March 6, the Senate in Texas approved the Bitcoin Strategic Bill (SB-21) with a 25-5 voting.
The proposal is now transferred to the state’s home, which must be behaved by May 24.
Although the schedule allows weeks of deliberations, some legislators may push to “accelerate the process”, according to the founder of the Satoshi Law Fund, Dennis Porter, who is likely to bring it to the ruler’s office sooner than expected.
I have just received a call from an incredibly important person in Texas. I was told that the house intends to move very quickly in Texas to pass the “strategic bitcoin reserves”. We can have a “strategic bitcoin reserves” law very soon! Do not flash!
If it falls into the law, Texas will become the first American state to carry Bitcoin as part of its financial reserves.
SB-21 It was first presented in January by Sinator Texas Charles Chourtner as only the Bitcoin Law draft.
However, in February, legislators reviewed it to include a wider language, and opened the door for other digital assets.
The changes followed the command of US President Donald Trump on January 23, who invited a committee to study the feasibility of “Digital Asset Stock”.
What is SB-21?
According to the draft law, Texas will create the Bitcoin Streetary Texas Reserve, a special fund separate from the Ministry of Governmental Treasury, which is supervised by the financial observer.
The reserve will be used to acquire, preserve and manage bitcoin, and possibly digital assets as part of the state’s financial strategy.
Various sources, including state funds, investment profits, private donations, and bitcoin rewards such as Airdrops and Blockchain Forks, will be born.
The draft law also allows the fullest to invest, sell or manage Bitcoin’s Bitcoin holdings in the state, according to the estimate of the “wise investor”.
One of the main ruling in the draft law requires that any encrypted currency obtained the average market value of at least $ 500 billion over the past 12 months, which effectively limits investments on existing assets such as Bitcoin.
The legislation also provides voluntary encryption donations from individuals or organizations, although the state reserves the right to refuse any donation according to its estimate.
Currently, the draft law is awaiting discussion at the Texas House. If that obstacle is wiped, he will go to the governor Greg Abbott, a well -known supporter of Blockchain. The draft law is scheduled to start on September 1, 2025, if passed.
According to the Senator Schroiter, Bitcoin represents “an important and weekend” that can help Texas increase its public budget.
He said that the countries no longer depend on “piles of dollar bills in treasures” as in the past, but instead they must look to digital assets.
Bitcoin reserve plans to make fixed progress
Texas becomes the eighth term for the transfer of the Bill of the Reserve for encryption to the home and joins
North Carolina, Akllahoma, Tixas, Utah, Arizona and New Hampsheer.
The Texas Bill was approved a day after the Trade and Consumer Committee in the House of Representatives in New Hampshire approved the encryption reserve bill with strong support.
Meanwhile, on March 7, Trump signed an executive order that creates both the strategic Bitcoin reserves “and” Digital Asset Stock “.
The Senate agrees with Texas to Bill to create Bitcoin Reserves: Here is what it means first on Invezz
