Texas policymakers have roughly $24 billion in sovereign wealth as the State’s Senate weighed passing Bitcoin reserve legislation.
The Texas Senate Committee on Business and Commerce unanimously supported a bill to invest state surplus dollars into Bitcoin (BTC) as governments mulled crypto reserve adoption.
Republican Charls Schwertner, chair of the Committee, scored a landslide 10-0 vote for his proposal titled the Texas Strategic Bitcoin Reserve and Investment Act.
The State’s Senate will now consider Schwertner’s following overwhelming bipartisan backing. “Today’s vote was a critical first step in making a strategic investment in Texas’ financial future,” chair Schwertner said in a statement. Lawmakers could invest from the state’s $24 billion cash reserve, if approved by the Senate.
Over 20 U.S. states raced to pass BTC reserve laws, funneling taxpayer dollars to the largest cryptocurrency market cap. White Montana’s BTC reserve bill failed to clear a House vote, Arizona, Oklahoma, and Utah inched closer to passing laws.
States see BTC as a way to diversify their sovereign portfolios. President Donald Trump’s return, as the first Bitcoin president, and crypto’s mammoth spending during the general elections, no doubt helped push the needle on state-level adoption.
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