The Texas House of Representatives has passed the third reading of SB 21, a bill aimed at creating a strategic Bitcoin reserve for the state.
Passed by a 101-42 vote, the bill now heads to Governor Greg Abbott for approval or veto.
Authored by State Senator Charles Schwertner, SB 21 proposes a Bitcoin reserve to be managed by the state comptroller.
The comptroller is granted the ability to invest in cryptocurrencies with a market capitalization greater than $500 billion in the last year, with Bitcoin currently the only eligible currency.
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Prior to the vote, State Representative Giovanni Capriglione highlighted the bill as a crucial step in affirming Texas' leadership in the digital age, describing it as embracing a modern asset with traditional properties.
The Texas Senate passed the bill by a 25-5 vote on March 6.