On May 21, the Texas House of Representatives approved a bill that would allow the state to hold Bitcoin
The proposal, known as Senate Bill 21, has support from both Republican and Democratic lawmakers. It was introduced by Senator Charles Schwertner and guided through the House by Representative Giovanni Capriglione.
The bill still needs the Senate to agree on some changes made by the House. If that happens, the next step is Governor Greg Abbott, who will decide whether to sign it.
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On May 20, the bill passed its second reading with a vote of 105 in favor and 23 against. By the third reading, opposition had grown, with 42 voting against it. The final count has not been officially confirmed yet.
According to the state legislature’s website, the vote totals are still considered unofficial until they are reviewed and certified.
A note from Jerry McGinty, who directs the state’s legislative budget board, said it is too early to know how much Bitcoin the state would buy or how much money would be needed. He also said any extra costs from managing the reserve might be covered using profits made from the fund itself.
If approved, the bill would let the state’s comptroller handle the Bitcoin reserve. The comptroller would be in charge of managing the assets and deciding how they are used. The bill also outlines rules for how the reserve would be reported and monitored.
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