Texas Bitcoin Bonanza: Strategic Reserve Bill Rockets to House Floor!

Houston, we've got a Bitcoin blast-off! A bill to create a Texas Strategic Bitcoin Reserve has just rocketed through a crucial House committee and is now soaring towards a full floor vote. Hold onto your hats, folks!

Committee Votes and Senate Cheers

On May 7, the Texas House Committee on Delivery of Government Efficiency gave Senate Bill 21 the green light with a 9-4 vote. That's one small step for the committee, one giant leap for Bitcoin in Texas! This bill is now hurtling towards Governor Greg Abbott's desk, and it's gaining speed fast.

This wild ride began back in January when Republican Senator Charles Schwertner launched SB 21 as a Bitcoin-only mission. But by February, the bill got an upgrade, now allowing other digital assets with a hefty $500 billion market cap over the past year to join the party. Right now, Bitcoin's the only one that's crashing this exclusive bash.

If this bill passes, the state comptroller will be at the helm, steering the reserve and investing state funds into these crypto cowboys.

The Texas Senate already gave SB 21 a standing ovation on March 6 with a 25-5 vote. It's clear the Lone Star State is ready to ride the Bitcoin bull!

More Crypto Action in Texas

But wait, there's more! Texas lawmakers are on a crypto craze this year. In March, HB 4258 strutted onto the scene, aiming to let the state comptroller invest up to $250 million of the Economic Stabilization Fund into Bitcoin or other cryptocurrencies. Talk about a big bet!

Then, in February, SB 778 sauntered in, ready to accept taxes and donations in crypto. And if the state gets its hands on any Bitcoin, it's gotta hold onto it for at least five years. That's some long-term love for the king of crypto!

Bitcoin Reserves: A Nationwide Craze

Texas isn't the only state jumping on the Bitcoin bandwagon. Just a day before SB 21 passed the committee, Arizona Governor Katie Hobbs signed HB 2749 into law, creating a Bitcoin and Digital Assets Reserve Fund. And they're funding it with unclaimed digital assets. Talk about turning lost change into a crypto fortune!

On the same day, New Hampshire Governor Kelly Ayotte signed HB 302, making it the first state to legally greenlight public fund investments in Bitcoin and other qualifying assets. They can now pour up to 10% of the state's general fund into digital assets with that $500 billion market cap. Again, that's a VIP list of one: Bitcoin!

Right now, a whopping 37 strategic Bitcoin reserve bills are under review across 18 U.S. states. That's a lot of states betting on Bitcoin!

But it's not all smooth sailing. Florida just threw in the towel on its Bitcoin reserve plans on May 6, joining Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma in the "thanks, but no thanks" club. Their bills bit the dust in recent House or Senate votes.

So buckle up, crypto fans! The Texas Strategic Bitcoin Reserve bill is on a thrilling ride to the House floor, and the rest of the country is watching closely. Will Texas lead the charge into a new era of state-backed Bitcoin? Stay tuned, because this story is just getting started!