On Thursday, the Texas Senate voted 25-5 to approve Senate Bill 21, which establishes the Texas Strategic Bitcoin Reserve. The bill, authored by Sen. Charles Schwertner, has now passed both chambers and awaits the governor’s signature to become law. Once signed, it will allow Texas to invest up to $500 million in bitcoin annually.
Schwertner's statement says "out of control government spending" has pushed Texans to find "alternatives" and that Bitcoin has proven itself through "multiple boom and bust cycles."
The bill defines eligible investments as cryptocurrencies with an average market value of at least $500 billion over the past 12 months, which currently applies only to Bitcoin.
Lawmakers hope this will be a step toward making Texas a major crypto hub. You can read the full statement below:
