Texas Senate Gives Thumbs Up to Bitcoin Reserve Fund - It's Go Time!

Final Vote Paves Way for Gov. Abbott's Signature

The Texas Senate just slammed down the gavel with a 24-7 vote, greenlighting the conference committee report for Senate Bill 21. This baby's the last legislative hurdle before Texas can roll out its very own Bitcoin reserve fund. We're talking real action here, folks!

With both chambers nodding in agreement, this hot legislation is now sprinting over to Governor Greg Abbott's desk for the final stamp of approval. Will he sign it into law? The suspense is killing us!

As the Senate floor buzzed with energy, Senator Schwertner dropped the mic, announcing the motion's victory. He made it crystal clear that this new law is setting up the Texas Strategic Bitcoin (BTC) Reserve. And guess who's in charge? The state Comptroller of Public Accounts, that's who!

🇺🇸 TEXAS Bitcoin Reserve Update:

The Senate just crushed it, voting 24-7 to adopt the Conference Committee report on the Bitcoin Reserve bill, SB 21.

Both chambers are in sync, so this bill is jetting straight to the Governor's desk. Texas SBR, here we come!

The final draft is packed with juicy amendments from the House side. It now lets the Comptroller buddy up with top-notch liquidity providers and beefs up the fund's financial muscles. The conference committee wasn't messing around, making some serious tweaks to the original plan.

One big change? The time frame for eligible cryptos just doubled from 12 to 24 months. That means any altcoin wanting a spot in this reserve has to keep a cool $500 billion market cap for two whole years. No shortcuts here!

The committee shut down any ideas of using reserve assets for lending or staking. They also yanked out any clauses about letting people make voluntary crypto contributions to the fund. It's all business from here on out.

With this move, Texas is stepping up to be the third state with an official Bitcoin reserve, following New Hampshire and Arizona's lead. It's a sign of the times, folks—states are getting serious about crypto for financial diversity and economic toughness.

New Hampshire's approach was a big inspiration for Texas, especially when it comes to picking and adding other digital assets to the state's reserves. They're not just sticking with Bitcoin; they're thinking bigger!

That $500 billion market cap requirement? It's one of the toughest out there among state crypto plans. And with all the mining ops and blockchain startups setting up shop in Texas, it's clear: this state is all in on crypto. Buckle up, Texas, it's about to get wild!