State with 30 Million Population Renews Bill for Bitcoin: Aiming to Be the First in the US! - Coin Bulletin

Texas Senator Charles Schwertner has introduced a new bill that envisions the state forming a Strategic Bitcoin Reserve

With a population of 30 million, Texas continues to be one of the regions taking important steps at the state level in terms of Bitcoin investments. Texas Senator Charles Schwertner stated that the reintroduced bill named SB 21 will increase the state's financial security and strengthen its economic resilience. Schwertner expressed that the bill will make Texas the first state in the US to establish a Strategic Bitcoin Reserve.

What does the new design cover?

SB 21 allows the state to purchase Bitcoin and hold it as a reserve, similar to the SB 778 bill, which was previously introduced in January. However, the new bill allows other digital assets with a market capitalization of $500 billion to be considered as reserves. Currently, only Bitcoin meets this criterion.

According to the bill, the state of Texas will not only hold Bitcoin as a reserve asset, but also be able to buy, sell, and manage it for investment purposes. These powers will be exercised by the Treasurer, the public official responsible for the state's finances.

Texas Deputy Governor Dan Patrick announced that the bill has been prioritized among the top 40 bills in the state Senate. Dennis Porter, the founder of the Satoshi Action Fund and a proponent of Bitcoin-friendly bills, stated that the Lt. Governor has supported this bill multiple times.

Bitcoin investments are on the rise in US states

Texas's move is seen as a reflection of the increasing interest of states in the US considering investing in Bitcoin and other digital assets. Currently, 19 states in the US have introduced bills for Bitcoin investments.

Finally, the state of North Carolina has also introduced a bill to allow public funds to be diverted to Bitcoin investments. States such as Arizona and Utah have pushed bills beyond the committee stage, while North Dakota has rejected such initiatives.

Texas' plan to create Bitcoin reserves is seen as an important development in terms of strengthening the state's financial independence and leading the crypto ecosystem. It is eagerly awaited whether the bill will become law in the future.