In a grand spectacle worthy of the finest Moscow theater, the Texas Senate has donned its legislative capes and approved the conference committee report for Senate Bill 21 with a resounding 24-7 vote. Yes, you heard it right! The Lone Star State has cleared the final hurdle for its audacious Bitcoin reserve fund. Who knew that the path to cryptocurrency glory could be so thrilling? 🎉
With both chambers of this illustrious assembly adopting the measure, the legislation now gallops towards Governor Greg Abbott, eagerly awaiting his royal approval and signature to become law. Will he don a cowboy hat and sign it with flair? Only time will tell!
During the floor proceedings, Senator Schwertner, with all the gravitas of a Shakespearean actor, declared the motion’s success. He emphasized that this law births the Texas Strategic Bitcoin (BTC) Reserve, a specialized fund that will be administered by none other than the state Comptroller of Public Accounts. Because who wouldn’t want to be in charge of a Bitcoin treasure chest? 🏴☠️
🇺🇸 TEXAS Bitcoin Reserve Update:
The Senate has voted to adopt the Conference Committee report (24-7) on Bitcoin Reserve bill SB 21.
Both chambers have now adopted the report, meaning the bill can (finally) go to the Governor’s desk for signing.
Texas SBR incoming.
— Bitcoin Laws (@Bitcoin_Laws) May 31, 2025
Enhanced provisions added through legislative process
Ah, but wait! The final version of this legislative masterpiece incorporates several amendments that emerged during the House deliberations, like a magician pulling rabbits from a hat. Among these is the authorization for the Comptroller to engage qualified liquidity providers, expanding the fund’s financial capabilities. Because who doesn’t love a little liquidity in their life?
A key revision extends the duration requirement for eligible cryptocurrencies from a mere 12 months to a whopping 24 months. Yes, altcoins must now maintain a minimum market capitalization of $500 billion for two full years before they can even dream of being included in the reserve. Talk about a high bar! 🏋️♂️
Members of the conference committee, in a fit of wisdom, declined to allow the Comptroller to use reserve assets for lending or staking. They also removed clauses that would have allowed voluntary cryptocurrency contributions to the fund. Because, you know, who needs extra funds when you have Bitcoin? 🤷♂️
This legislation positions Texas to become the third state to establish an official Bitcoin reserve, following the trailblazing efforts of New Hampshire and Arizona. It’s like a cryptocurrency race, and Texas is sprinting ahead! 🏇
New Hampshire’s framework served as a reference point for Texas legislators, particularly regarding the methodology for evaluating and incorporating additional digital assets beyond Bitcoin into state reserves. Because imitation is the sincerest form of flattery, right?
The $500 billion market capitalization threshold represents one of the most stringent requirements among state-level cryptocurrency initiatives. With a plethora of mining operations and blockchain startups establishing significant presences within its borders, Texas has firmly planted its flag as a leader in the adoption of cryptocurrencies. Yeehaw! 🤠
Read More
- Clash Royale Best Boss Bandit Champion decks
- Mobile Legends November 2025 Leaks: Upcoming new heroes, skins, events and more
- Brawl Stars: Did Sushi Just Get a Makeover? Players React to Event Ending
- Chaos Zero Nightmare Combatant Tier List
- Ethereum’s Golden Cross: $4,000 Rally? Hold Your Breath!
- Stocks stay snoozy as Moody’s drops U.S. credit—guess we’re all just waiting for the crash
- Kingdom Come: Deliverance 2 Gets Trial Experience On PS Plus Premium
- ESPN Might Drop Doris Burke From NBA Broadcast Team Next Season
- There’s A Big Theory Running Around About Joe Alwyn Supporting Taylor Swift Buying Her Masters, And I’m Busting Out The Popcorn
- The Best Movies of 2025 So Far
2025-05-31 17:23