Texas is approaching establishing a strategic Bitcoin (BTC) reserve after a Senate proposal to set up one was approved by the lower house.
The State Representative House voted for the Senate’s Bill 121, which would establish a “Texas Strategic Bitcoin Reserve with the aim of investing in cryptocurrency and the investment authority of Comptroller of Public Accounts over the reserve and certain other state funds.”
The Bill, which passed in a vote of 101-42, is now waiting for a consent of the Senate after house amendment, before sent to Governor Greg Abbott’s desk for a final unsubscribe.
Texas would become the second state that creates a strategic reserve for digital assets after New Hampshire.
An equivalent vote in Arizona came to the governor, but was vetoed by Katie Hobbs and called Bitcoin an “untested investment.” However, she has passed a similar bill that allows the state to have abandoned digital assets as unclaimed property.
