5 days ago
Texas set to create bitcoin reserve as states warm to crypto
Texas is poised to open its own 'Strategic Bitcoin Reserve' after lawmakers gave broad bipartisan approval for the state to stockpile energy-intensive cryptocurrency.
S.B. 21 awaits action from Republican Gov. Greg Abbott, who is expected to sign the bill. Lawmakers last week voted 110-25 to pass it through the House and 24-7 to get it through the Senate.
The bill, which describes cryptocurrency as a 'hedge against inflation and economic volatility,' essentially lets the state invest public money into crypto. It would create a fund for the Texas Legislature to appropriate money, which the Texas comptroller would use to purchase bitcoin.
Advertisement
'This bill embraces digital innovation,' said state Rep. Giovanni Capriglione, the Republican who carried the bill in the state House. He called the reserve a 'financial tool aimed at strengthening the state's fiscal resilience.'
