Texas Senators Have Passed the Strategic Bitcoin Reserve Bill

Senators in Texas have passed the strategic Bitcoin reserve Bill, which is considered a historic move in the country.

Senators in Texas have passed the strategic Bitcoin reserve Bill, which is considered a historic move in the country. The speed with which the Bill scaled through the different readings showcases the forward-thinking nature of the lawmakers at a time when American states are jostling for dominance.

According to an update by Bitcoin Laws, the SB 21 Bill passed the third reading with a majority vote of 101–42.

The Bill is now likely to become law as it has now been passed to Governor Greg Abbott for assent.

Senators in Texas have passed the strategic Bitcoin reserve Bill, which is considered a historic move in the country. The speed with which the Bill scaled through the different readings showcases the forward-thinking nature of the lawmakers at a time when American states are jostling for dominance.

According to an update by Bitcoin Laws, the SB 21 Bill passed the third reading with a majority vote of 101–42.

The Bill is now likely to become law as it has now been passed to Governor Greg Abbott for assent.

In a Republican-controlled Senate, the SB 21 Bill passed the third reading with a majority vote of 101–42.

Notably, the bill seeks to allow for the creation of the Texas Strategic Bitcoin Reserve. This will serve as a dedicated fund managed by the state comptroller to invest in cryptocurrencies with a market capitalization of at least $500 billion.

Although only Bitcoin meets this condition, other digital currencies that hit the market capitalization may also be added shortly. The Bill advanced to third reading earlier this week, setting it up for history in the State.

Governor Greg Abbott is a known Bitcoin proponent, and the current consensus supports his signing the Bill into law.

The Texas Bitcoin update comes as the price of Bitcoin breaks an all-time high. After days of trading around the $106,000 resistance level, BTC staged a breakout hours ago and is currently undergoing price discovery.