A Texas House Committee has approved a Republican-backed bill to establish a bitcoin reserve, which now only needs a favorable floor vote to move to the governor's desk.
On May 7, the Texas House Committee on Delivery of Government Efficiency approved Senate Bill 21 without amendment on a 9-4 vote along party lines.
The bill had previously passed the Texas Senate by a 25-5 vote on March 6.
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SB 21 seeks to create the "Texas Strategic Bitcoin Reserve," managed by the state comptroller, currently Glenn Hegar.
The comptroller would be authorized to invest in digital assets with a market capitalization of at least $500 billion in the last year, which currently only includes Bitcoin.