SB 21, Texas tries to create a Bitcoin reserve at the state level, spent his second reading of the house with overwhelming support. It will take one more vote and the signature of Governor Abbott will become the law.
This bill has taken components of other successful efforts, such as the New Hampshire mechanism to add new tokens to the reserve. Currently, Texas would allow altcoins which maintain a market capitalization of $ 500 billion for two whole years.
Texas can pass a Bitcoin reserve
Since President Trump approved the concept for the first time, several American states have continued their own local bitcoin reserves. Shortly after the inauguration of Trump, the Lieutenant-Governor of Texas qualified the Bitcoin reserve an absolute priority.
Since then, the SB 21 bill has crossed the Committee and the Senate, and it has almost reached the Governor’s office:
“The Bitcoin reserve strategic bill of Texas adopts the second reading in the Chamber. SB 21 adopted by a vote from 105 to 23 years old. The SB 21 has also been changed to increase the duration of a market capitalization of a digital asset is under study for inclusion in the bill, from 12 to 24 months … Affirming that it is more difficult to qualify, “said a Watchdog of Pro-Crypto policy.
The effort of Texas has adopted many characteristics of other Bitcoin reserve invoices on a national scale. The New Hampshire was the first to obtain a cemented bill, and it shares a similar language.
Although a Bitcoin reserve has, it also authorizes other assets, provided they have a market capitalization of $ 500 billion. SB 21 also presents this, but with the aforementioned restriction of 24 months.
Today’s advancement does not represent a complete victory. The legislative session of Texas ends on June 2 and the SB 21 must pass a final vote by then to establish a Bitcoin reserve. However, the overwhelming support of the bill is encouraging.
Theoretically, the last step could take place this week, and governor Greg Abbott is a long -standing Bitcoin supporter.
Between Bipartisan votes and the governor’s support, Texas’ Bitcoin reserve seems very likely. However, everything could happen.
The governor of Arizona technically signed a law allowing the State to hold the BTC, but it has opposed its veto to two bills which would in fact allow purchases. Florida’s efforts have also shown early bipartite support, but its reserve invoices have not progressed very far.
These incidents show the importance of not taking anything for granted, despite optimistic signals. Most of the Bitcoin reserve proposals have failed so far, and the SB 21 of Texas would be one of the very rare survivors if it succeeds.
However, the success of the genius law despite fierce opposition also contains a precious lesson. The political support of the cryptographic industry remains very strong.
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