Texas is on the verge of making a bold move in the world of cryptocurrency. Senate Bill 21 (SB 21), known as the Texas Strategic Bitcoin Reserve bill, has passed both the Texas House and Senate. Now, it awaits Governor Greg Abbott’s signature to become law.
What Is the Texas Strategic Bitcoin Reserve?
The bill aims to create a state-managed Bitcoin reserve. This reserve will allow Texas to invest in cryptocurrencies that have a market capitalization above $500 billion over the past 12 months. Right now, only Bitcoin meets this threshold, but Ethereum could qualify in the future.
The Texas Comptroller of Public Accounts will manage the reserve. This means the comptroller can buy, hold, stake, and even sell Bitcoin as needed. The reserve can be funded by state budget money, private donations from Texas residents and companies, and returns from investments.
Read More : https://onthenode.com/cryptocurrency/texas-moves-to-launch-strategic-bitcoin-reserve
What Is the Texas Strategic Bitcoin Reserve?
The bill aims to create a state-managed Bitcoin reserve. This reserve will allow Texas to invest in cryptocurrencies that have a market capitalization above $500 billion over the past 12 months. Right now, only Bitcoin meets this threshold, but Ethereum could qualify in the future.
The Texas Comptroller of Public Accounts will manage the reserve. This means the comptroller can buy, hold, stake, and even sell Bitcoin as needed. The reserve can be funded by state budget money, private donations from Texas residents and companies, and returns from investments.
Read More : https://onthenode.com/cryptocurrency/texas-moves-to-launch-strategic-bitcoin-reserve
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