The SB 21 project raises a state cryptocurrency treasury, with BTC as the only initial asset.
In the event that the governor does not issue a verdict, the initiative will become law.
The future of a Bitcoin state reserve (BTC) in Texas will be defined this Sunday, June 22, a deadline for Governor Greg Abbott to sign or go to the SB 21 bill. If you do not take action before the expiration of the term, the measure will automatically become law, as established by the constitution of the State.
The project SB 21 proposes the creation of a strategic cryptocurrency treasurywith Bitcoin as the only asset initially contemplated, given its market capitalization of more than 500 billion dollars required. The initiative was promoted by Senator Charles Schwertner.
This legislation grants the Comptroller of Public Accounts the authority to acquire, store and administer BTCwith the possibility of expanding the reserve to other cryptocurrencies in the future. If the measure is approved, the comptroller must establish the reservation and will have a term until January 2026 to deliver a report to the Assignments Committee of the House of Representatives.
The project would turn Texas into the third state of the United States to establish a Bitcoin Treasury, after New Hampshire and Arizona.
On the other hand, The proposal establishes the creation of an advisory committee composed of specialists in cryptoactive investmentswhich will guarantee an informed management of the reserve. To reinforce security, it is contemplated to resort to qualified custodians and use cold storage methods.
Although at the moment there is no official confirmation, Governor Abbott is expected to allow the entry into force of the law, since he has repeatedly shown his support to the project and ecosystem.
«Texas moves to establish a strategic Bitcoin reserve: a new era in state finances», commented the governor after the project won the approval of the Congress.
In addition, in previous publications, the official reminded users who has proclaimed Texas as “the home of cryptocurrency mining”, in addition to declaring his aspiration that the State becomes the “capital of the sector” in the United States.
As Cryptonotics reported, at the end of May the SB 21 bill was approved in its third reading by the House of Representatives, just one day after obtaining green light in the second reading. This allowed the initiative to advance to the governor’s desk waiting for his signature or veto.
Not all attempts to create state reserves of Bitcoin have advanced towards this stage. In states such as Wyoming and Montana, similar proposals were rejected by concerns related to cryptocurrency volatility, the lack of technical understanding by legislators or, directly, by the intervention of governors.
