The Texas legislature has made a decision that could significantly change the financial landscape of the entire country — the upper house of the state has approved the creation of the first official state-level Bitcoin reserve in US history.
Senate Bill 21, which received bipartisan support, lays the groundwork for the formation of a state-managed fund that will accumulate Bitcoin and other cryptocurrencies with a capitalization of over $500 billion. The initiative was introduced by Senator Charles Schwertner and has become a priority project of Lieutenant Governor Dan Patrick, who views Bitcoin as a strategic asset comparable to “digital gold” that is important for the future economic development of Texas.
The Texas Bitcoin Reserve will be managed by the State Comptroller, and a special Advisory Committee on the Strategic Reserve is being created to ensure the effective functioning of the fund. The legislation also provides for the publication of biennial asset reports, which will ensure the transparency of the new structure. To finally take effect, the bill must pass the state House of Representatives and receive the governor’s signature, but analysts estimate its chances as high given bipartisan support in the Senate and the overall positive attitude of Texas leaders towards the integration of digital assets into the financial system.