Texas is very likely to become the second US state with a Bitcoin Reserve, now that SB 21 passed the final House reading. Only the governor’s signature stands between it and becoming a law, and he has signaled his support.
Despite recent setbacks, pro-crypto legislative efforts in the US are looking strong. Texas adopted language from New Hampshire’s successful effort, and future bills could do the same.
Texas Might Have a Bitcoin Reserve by June 2
Bitcoin has dominated the crypto headlines today with record-breaking developments. Earlier today, the largest cryptocurrency reached a new all-time high at $109,000. At the same time, BTC overtook Google and Amazon in market cap.
Now, Texas has marked another major milestone for the asset.
Just yesterday, Texas state legislature overwhelmingly voted to approve a state-level Bitcoin Reserve. This follows months of preparation, representing a continued level of enthusiasm.
Pro-industry observers believed that the final vote could take place as soon as today, and it looks like this optimism has been vindicated:
Assuming that Governor Greg Abbott signs the bill, Texas will become the second US state with its own Bitcoin Reserve. Like New Hampshire’s measure, SB 21 could also allow assets other than Bitcoin to enter the reserve.
The bill mentions that any asset must maintain a market cap of $500 billion for 24 months to become eligible for the state reserve. Currently, only Bitcoin makes that cut.
Pro-crypto regulation efforts are still strong, as evidenced by the GENIUS Act’s unlikely success this week. If other Bitcoin Reserve proposals learn from the Texas example, the movement could see more successes in the near future.
However, it’s important to understand that the state Governor’s approval is not guaranteed, and the bill could collapse without it. Earlier this month, Arizona Governor Katie Hobbs vetoed the state’s Bitcoin reserve bill, which saw bipartisan support in the House.
The Texas Senate session will end on June 2, and Governor Abbott potentially has until then to decide on this bill.
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