The Texas Bitcoin reserve proposal was adopted unanimously by the Business and Commerce Committee and will vote in the Senate.
However, several similar bills have been easily defeated in other states controlled by the Republican. Even Texas GOP is not unified behind the effort, and it might not succeed in the Senate.
Can Texas pass a Bitcoin reserve?
Several American states are trying to pass their own Bitcoin reserves, which would make major BTC holders. When these invoices began to be presented, the cryptographic community was delighted because it would guarantee up to 23 billion dollars of new acquisitions.
Today, one more bitcoin reserve effort has progressed, thanks to a committee in Texas:
“The commissioner under SB 21 [the Bitcoin Reserve bill] I have just passed the Business and Trade Committee through a 9-0 vote. Strategic Bitcoin reserve to go to the Senate, “said Brad Johnson, a local journalist.
When a proposal transmits a vote from the Committee, this means that a small group of legislators specializing in matters – here, the Business and Trade Committee – examined it and agreed that it deserved a more in -depth examination.
Once the proposal is adopted by the committee stadium, it moves to the complete Senate. It is at this point that all senators debate and vote on it. If the majority of senators support the proposal, it can go to become law.
This news from Texas is a particular relief because it is a new victory for all legislation efforts on the Bitcoin reserve. At the beginning of the month, they had a strong momentum, Utah making major progress.
However, Montana rejected its own reserve bill, and this was followed by several other red states. In other words, it is the first major crack in the new political coalition of Crypto.
The new Lieutenant-Governor of Texas strongly supports the Bitcoin reserve bill, which has surely helped his chances. The legislative effort of Wyoming failed to cross the committee despite one of the state senators who strongly supported it.
A key factor that can help this legislation is that Texas is one of the largest Bitcoin extraction poles in the United States. Currently, the bill does not explicitly impose that Texas buy these assets to local businesses, but it could easily.
Currently, however, the recent loss of proposals in various red states peck. We still do not know what the chances of the bill are.
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