Texas Goes Crypto: Bitcoin Reserve Bill Passes! Is This a Joke? 🤔💰

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Well, hold onto your cowboy hats! The Texas House just passed Senate Bill 21 (SB 21) on Wednesday, creating a state-managed bitcoin reserve. Yep, you heard that right! Now it’s off to Governor Greg Abbott’s desk for a final stamp of approval or a veto—he’s got 20 days to decide! 🕰️

Yeehaw! Cryptocurrency in State Hands: Texas Legislature Passes Bitcoin Reserve Bill

Introducing the Texas Strategic Bitcoin Reserve and Investment Act! This bill aims to make Texas the big cheese in cryptocurrency adoption, using bitcoin as a hedge against inflation. Managed by the Texas Comptroller, this reserve will only invest in cryptocurrencies that have a 12-month average market cap of at least $500 billion—currently, that’s just our buddy bitcoin. Talk about exclusive! 🎩

Funding? Oh, it’ll come from legislative appropriations, donations, and investment earnings. And don’t worry, third-party custodians will handle the secure storage—because who doesn’t love a good vault? SB 21 passed the House 101-42 after a Senate stroll of 25-5 earlier in the session. If signed, the Comptroller must whip up some oversight rules and an advisory committee. The bill kicks in immediately with a two-thirds legislative majority or on Sept. 1, 2025, if not. Mark your calendars! 📅

Proponents, including State Sen. Charles Schwertner, are arguing that bitcoin offers financial resilience like gold. I mean, who needs gold when you can have digital coins, right? The crypto community is throwing a virtual party on social media, with posts racking up views like a cat video! Texas is now in the mix with 24 other states exploring similar legislation—it’s like a crypto party, and everyone’s invited! 🎉

The reserve could even accept private bitcoin donations, which means less risk for taxpayers. If this works, it might just give the market a legitimacy boost! Gov. Abbott’s decision will determine if Texas becomes the third U.S. state to implement a bitcoin reserve, following the trailblazers New Hampshire and Arizona. But beware! Implementation will require dodging volatility and security challenges, with biennial reports ensuring transparency. Because who doesn’t love a good report? 📊

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2025-05-21 23:28