Texas is very likely to become the second U.S. state with a Bitcoin Reserve, as SB 21 has passed its final reading in the House. Only the governor's signature is needed for it to become law, and he has expressed support.
Despite recent obstacles, legislative efforts supporting cryptocurrency in the U.S. remain very strong. Texas has adopted language from New Hampshire's successful effort, and future bills may do the same.
Texas May Have Bitcoin Reserve on 06/02
Just yesterday, Texas's legislature overwhelmingly voted to pass the State-Level Bitcoin Reserve. This follows months of preparation, demonstrating continued enthusiasm. Supporters of the industry believe the final vote could occur as early as today, and this optimism seems to have been proven:
"Texas passes Strategic Bitcoin Reserve Bill. SB 21 passed its third reading with a vote of 101-42 and is now awaiting the Governor's signature," a cryptocurrency policy monitoring organization confirmed. Observers also noted that the vote occurred very quickly.
Assuming Governor Greg Abbot signs the bill, Texas will follow New Hampshire to become the second U.S. state with its own Bitcoin Reserve. Similar to New Hampshire's measure, SB 21 could also allow other assets to participate in the reserve. A Token needs to maintain a market capitalization of $500 billion for 24 months to be eligible.
Cryptocurrency-supportive regulatory efforts remain strong, as demonstrated by the unexpected success of the GENIUS Act this week. If other Bitcoin Reserve proposals learn from Texas's example, this movement could achieve even more success in the near future.
