The Texas Senate has approved a bill allowing the establishment of a state Bitcoin reserve, positioning Texas as a leader in cryptocurrency adoption and financial diversification.
The Texas Senate approved Senate Bill 21 with a 24-7 vote, paving the way for the establishment of the Texas Strategic Bitcoin Reserve, now awaiting Governor Greg Abbott's signature. This move positions Texas as the third state in the U.S. to create a Bitcoin reserve, following New Hampshire and Arizona. The bill permits state investments in cryptocurrencies with a market cap exceeding $500 billion, with initial investments expected to be in the tens of millions of dollars.