Texas Bitcoin Reserve Bill Reaches Senate
Texas Senate Bill 21 (SB-21), which proposes the creation of a strategic reserve for Bitcoin and other cryptocurrencies, was unanimously approved by the Texas Senate Banking Committee on February 27 with a 9–0 vote. The bill now moves to the Senate floor for further consideration.
The proposed legislation authorizes the Texas Comptroller of Public Accounts to buy, sell, and trade investments deemed suitable by a prudent investor acting with reasonable care, skill, and caution.
The bill notes that “Bitcoin and other cryptocurrencies can act as a safeguard against inflation and economic instability, and establishing a strategic Bitcoin reserve fulfills the public objective of enhancing financial security for residents of this state.”
Several other US states, including Oklahoma, Arizona, and Utah, are also considering similar Bitcoin strategic reserve bills as a strategy to diversify state financial reserves and protect against the increasing inflation of the US dollar.
