3 months ago
The Texas Senate Banking Committee unanimously approved a measure connected Feb. 27 to make a state-managed Bitcoin (BTC) and crypto reserve, sending the connection to the afloat Senate for consideration.
Senate Bill 21 (SB-21), introduced by State Sen. Charles Schwertner, authorizes the Texas Comptroller of Public Accounts to acquire, manage, and commercialized Bitcoin and different cryptocurrencies.
Lawmakers person argued that holding Bitcoin could support authorities fiscal reserves from ostentation and economical instability. Schwertner primitively drafted the measure to absorption solely connected Bitcoin but revised it successful February to see different integer assets.
The alteration followed President Donald Trump’s Jan. 23 enforcement bid directing a national committee to measure the feasibility of a national integer plus reserve.
The measure emphasizes Bitcoin’s imaginable to fortify Texas’ fiscal security. It states:
“Bitcoin and different cryptocurrencies tin service arsenic a hedge against ostentation and economical volatility.”
Pierre Rochard, vice president of probe astatine Bitcoin mining steadfast Riot Platforms, testified successful favour of the measure during a Feb. 18 nationalist proceeding preceding the committee evaluation.
He argued that Bitcoin’s transparent and auditable quality makes it a beardown asset for nationalist fiscal management. Rochard besides warned that Texas indispensable hole for aboriginal economical downturns contempt its existent beardown economy.
Nationwide legislative efforts
Texas is among galore states exploring the instauration of Bitcoin reserves. As of February, much than 20 states had introduced proposals to allocate a information of nationalist funds to Bitcoin and different integer assets. These initiatives purpose to diversify authorities fiscal holdings and hedge against economical uncertainties.
Other states, including Oklahoma, Arizona, and Utah, person introduced akin measures to diversify their fiscal holdings. Oklahoma lawmakers precocious advanced their Bitcoin reserve bill done a House committee, with the authorities slated for a level ballot next.
Similarly, Arizona’s Senate Finance Committee approved a measure permitting up to 10% of nationalist funds, including pension systems, to beryllium invested successful cryptocurrencies. Utah is besides progressing with authorities that would let the authorities treasurer to allocate up to 5% of nationalist funds to integer assets.
However, not each efforts person been successful. States specified arsenic Montana, North Dakota, and Wyoming person precocious rejected akin Bitcoin reserve proposals, citing concerns implicit the volatility and speculative quality of integer assets.
The station Texas Senate Banking Committee greenlights Bitcoin reserve measure for level voting appeared archetypal connected CryptoSlate.
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