Texas Senate Passes Bitcoin Reserve Bill

BlockBeats News, March 9th, according to News.Bitcoin, the Texas State Senate has 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 has received bipartisan support, which will create a fund managed by the state government and will only invest in cryptocurrencies with an average market value of at least $500 billion in the past 12 months, qualifying for state budget appropriations. Additionally, the bill also establishes the Strategic Bitcoin Reserve Advisory Council to provide guidance for fund management and requires a biennial report on holdings. Currently, the bill still needs approval from the House of Representatives and the governor's signature to become law.

Lieutenant Governor Dan Patrick called this move a precedent for other states, stating that "establishing the Texas Bitcoin reserve sets a precedent for other states, this is a bold move, and I hope Texas will become the digital center of the United States in the future."