Texas legislators have approved legislation to set up strategic Bitcoin (BTC) reserve on 21 May after a vote of 101-42, According to the house live stream.
According to the Bitcoin laws, the SB 21 Bill must now be approved again in the Senate with the added changes to the house. The Senate approved the earlier iteration of the bill with a 25-5 votes on 5 March.
After the senate’s vote, the legislation will be sent to the Governor Greg Abbott office for his final approval before the law can become.
As soon as SB 21 reaches its desk, the governor has 20 days to sign it or too veto. If the governor does not take action, the bill will be without signature on the first working day thereafter.
Bitcoin Reserve
The proposal enables the state -computer to acquire Bitcoin using general general income, subject to reporting rules that are reflected that are applied to Golden Bullion in the Texas Bullion Depository.
Congressman Giovanni Capriglione, one of the primary sponsors of the bill, told colleagues during Vloerbat prior to the counting:
“Today is a crucial moment in securing Texas leadership in the digital age with the passage of our strategic Bitcoin reserve. Now we embrace a modern possession with traditional properties, but future promise.”
He added that a Bitcoin reserve not only strengthens the tax sovereignty of Texas, but also positions the state as a progressive region that is prepared for the evolution of global financing.
If approved by the Governor, Texas becomes the third US state to send public funds in Bitcoin as part of a strategic reserve framework, according to Arizona and New Hampshire.
The US state would only initiate Bitcoin purchases after the Comproller has published purchasing guidelines in the Texas register and protects a storage contract that meets the location -requirement of the statute.
Legislative path
The Senate SB 21 on March 6 tidy. Senator Charles Schwertner, the law car, argued that the allocation of a piece of available money from Texas to Bitcoin can protect purchasing power during monetary shocks.
According to the text that has been trained to the Governor, the Comptroller must announce every quarter of acquisition data, unity numbers and aggregated cost basis.
The legislation does not impose a dollar -defined cap. Nevertheless, it requires holdings to be stored with a qualified entity in Texas or within an American jurisdiction that Bitcoin recognizes as real estate.
The bill also instructs the competent to study potential income flows that are linked to network participation, including lightning rails for state costs.
These findings are due to the House Apprisions Committee by January 2026, which sets up an evaluation before the 89th legislative power.
Note of the editors: article updated at 9:27 PM GMT to clarify that the Senate will have to vote again after the changes in the bill in the bill.
