Texas Senate passes Bitcoin Reserve Act, plans to hold $500 billion in cryptocurrency

On March 9, according to News.Bitcoin, the Texas State Senate passed Senate Bill 21 to establish a state-backed Bit reserve, further consolidating the state's leadership in the cryptocurrency field and setting a precedent for the rest of the United States. Texas Lieutenant Governor Dan Patrick announced that the Texas Strategic Bit Reserve Act, which has bipartisan support, will create a state-managed fund to hold Bit and other cryptocurrencies, with a target of holding at least $500 billion in cryptocurrency assets, and will be eligible for state budget allocations. The bill also establishes a Strategic Bit Reserve Advisory Council to provide guidance on fund management, and requires a biannual report on holdings, which still needs to be approved by the House and signed by the Governor to become law. Lieutenant Governor Dan Patrick said this initiative sets a precedent for other states, "Creating the Texas Bit reserve is a bold move, and I hope Texas becomes the digital hub of America."