Texas Goes All In on Bitcoin: Will It Actually Happen? 🤔💰

So, SB 21, Texas’ grand plan to create a state-level Bitcoin Reserve, has just breezed through its second House reading like a hot knife through butter. One more vote and a signature from Governor Abbott, and we might just have ourselves a shiny new law! 🎉

This bill is like a patchwork quilt, taking bits and pieces from other successful attempts, including New Hampshire’s clever way of adding new tokens to the Reserve. Right now, Texas is saying, “Sure, bring on the altcoins, as long as they can keep a $500 billion market cap for a whole two years!” Because who doesn’t love a good challenge? 😏

Texas May Pass a Bitcoin Reserve

Ever since President Trump gave a thumbs up to the idea, states across the US have been scrambling to set up their own Bitcoin Reserves. Shortly after Trump’s Inauguration, Texas’ Lieutenant Governor declared a Bitcoin Reserve a top priority. Because, obviously, what could be more important than digital currency? 🍔

Fast forward, and bill SB 21 has sailed through committee and the Senate, almost reaching the governor’s desk like a contestant on a reality show waiting for the final rose:

“Texas’ Strategic Bitcoin Reserve bill passes House second reading. SB 21 passed by a vote of 105 – 23. SB 21 was also amended to increase the length of time a digital asset’s market cap is under consideration for inclusion in the bill, from 12 to 24 months…making it harder to qualify,” a pro-crypto policy watchdog claimed. Because who doesn’t love a good plot twist? 📈

Texas has borrowed a few tricks from other Bitcoin Reserve bills across the nation. New Hampshire was the first to get a bill into law, and it’s got a similar vibe going on.

While it’s called a Bitcoin reserve, it’s also open to other assets, as long as they can flex a $500 billion market cap. SB 21 is on the same page, but with that pesky 24-month restriction. Because why make it easy, right? 🙄

Today’s progress is like a half-baked cake; it’s not a complete victory yet. Texas’ legislative session wraps up on June 2, and SB 21 needs to pass one last vote to make the Bitcoin Reserve a reality. But hey, the overwhelming support is like a warm hug on a cold day! 🤗

Theoretically, the final step could happen this week, and let’s not forget, Governor Greg Abbott is a long-time Bitcoin fan. So, fingers crossed! 🤞

With bipartisan votes and gubernatorial support, Texas’ Bitcoin Reserve seems like a real possibility. But, let’s not get too comfy. Anything can happen! 😬

Arizona’s governor signed a law allowing the state to hold BTC, but then vetoed two bills that would actually let them buy it. Florida had some early bipartisan support too, but their Reserve bills didn’t get very far. Talk about a rollercoaster ride! 🎢

These little hiccups remind us not to take anything for granted, even when the signs look good. Most state Bitcoin Reserve proposals have flopped, and if Texas’ SB 21 succeeds, it would be one of the rare survivors. 🦖

Still, the GENIUS Act’s success, despite fierce opposition, teaches us a valuable lesson: the crypto industry’s political support is still going strong. So, let’s keep our eyes peeled! 👀

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2025-05-21 03:03