PANews reported on May 8 that according to Cointelegraph, the Texas House of Representatives Committee passed SB 21, which intends to establish a state-level Bitcoin reserve. The bill was passed by a vote of 9-4, having previously received overwhelming support of 25-5 in the state Senate. The bill stipulates that the state comptroller is responsible for managing digital asset reserves, and the investment target must meet the condition that the market value in the past 12 months is not less than 500 billion US dollars. Currently, only Bitcoin meets the requirements. The initial version of the bill was limited to Bitcoin, and it was revised in February to expand to other eligible digital assets. If it is passed by the House of Representatives before June 2, it will be submitted to Governor Greg Abbott for signature. Abbott has long supported the development of cryptocurrencies. He accepted Bitcoin political donations in 2014 and publicly stated last year that he would make Texas the "crypto capital of the United States."
Related reading: Progress of Bitcoin Strategic Reserve Bills in U.S. States | Continuous Update
