Texas Governor Greg Abbott has signaled assist for a invoice lately handed by the state Home of Representatives that might set up a strategic cryptocurrency reserve.
In a Could 22 X put up, Abbott posted a Techstory article about Texas state lawmakers’ efforts to create a Bitcoin (BTC) reserve. The story identified that the choice for the passage of SB 21, the invoice in query, now rests on Abbott’s shoulders, roughly three months after it was launched.
Since taking workplace, Abbott referred to himself as a “crypto regulation proposal supporter” in 2021 and recommended that he would assist insurance policies to ascertain Texas as a “crypto capital” in 2024. Texas was certainly one of a handful of state-level governments that proposed establishing a strategic crypto reserve after the 2024 federal elections.
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On Could 6, New Hampshire Governor Kelly Ayotte was the primary to signal a Bitcoin reserve invoice into regulation. Arizona Governor Katie Hobbs later authorised a regulation permitting the state to assert possession of unclaimed crypto. Some jurisdictions have rebuffed efforts to cross comparable laws, with roughly half of the 50 state governments contemplating a Bitcoin reserve.
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On the federal stage, President Donald Trump signed an govt order (EO) in March for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” however Congress had not codified the order as of Could 23. Wyoming Senator Cynthia Lummis has led efforts within the chamber to cross the Boosting Innovation, Expertise, and Competitiveness by way of Optimized Funding Nationwide, or BITCOIN, Act, reintroduced just a few days after Trump’s EO.
As of March 11, the invoice has been referred to the Senate Banking Committee, and it was unclear if or when the chamber would contemplate a vote. The Senate will probably first transfer ahead with debate on a invoice to control fee stablecoins, the GENIUS Act, with some lawmakers anticipating a vote by Memorial Day, Could 26.
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