The state of Texas has officially approved Bill SB 21, which provides for the creation of a state bitcoin reserve. Governor Greg Abbott signed this document, making Texas the third state in the U.S. to implement such an initiative.
This is reported by Finway
Features of the Texas Bitcoin Reserve
The newly established reserve will be funded directly from the state budget, unlike similar projects in Arizona and New Hampshire, where the management structure is different. The Texas Controller of Public Accounts will be responsible for overseeing the fund.
In addition, the governor signed another document — HB 4488. This law protects the reserve from potential fund withdrawals for the benefit of the general budget and legally guarantees the existence of the fund even if bitcoins have not been purchased by the summer of 2025.
Investments and Future Prospects
As stated by Texas Blockchain Council President Lee Bretch, investments in the fund are expected to reach tens of millions of dollars. According to him, decisions regarding the purchase of bitcoins will be made solely by specialists from the Controller’s office.
“The relevant Bill SB 21 was signed by Governor Greg Abbott.”
It is worth noting that none of the new laws made it onto the list of 16 “key” initiatives highlighted in the governor’s press release. About a month before the signing of SB 21, the state House of Representatives approved this bill in its second reading, marking an important step toward the establishment of a strategic bitcoin reserve in Texas.