Texas Senate Passes Bitcoin Reserve Bill, Plans to Hold $5 Billion in Cryptocurrency

BlockBeats News, March 9th, according to News.Bitcoin's report, the Texas Senate passed Senate Bill 21 to establish a state Bitcoin reserve, further solidifying the state's leadership in the cryptocurrency field and setting a precedent for the entire United States. Texas Lieutenant Governor Dan Patrick announced that the Texas Strategic Bitcoin Reserve Bill received bipartisan support to create a fund managed by the state government to hold Bitcoin and other cryptocurrencies with a market value of at least $500 billion, making it eligible for state budget appropriations. In addition, the bill also establishes the Strategic Bitcoin Reserve Advisory Council to provide guidance on fund management and requires a biennial holdings report. Currently, the bill still requires approval from the House of Representatives and the Governor's signature to become law.

Lieutenant Governor Dan Patrick stated that this move sets a precedent for other states, "Establishing the Texas Bitcoin Reserve sets a precedent for others states. This is a bold move, and I hope Texas will become the digital center of the United States in the future."