Texas Leads the Way: A Big Step into the World of Bitcoin
The Texas Senate has done something amazing! They passed a bill called Senate Bill 21 (SB 21). This bill wants to create a special fund for something called Bitcoin. Let’s learn more about this exciting news.
What’s the Bill About?
SB 21 was first introduced by a senator named Charles Schwertner in January 2025. At first, it was only about Bitcoin, but later it was changed to include other digital assets too, as long as they are worth at least $500 billion. The bill wants to create a special fund outside the regular treasury. This fund would let the Texas comptroller buy, sell, or invest in Bitcoin and other digital assets.
Why is the Bill Important?
People who support the bill say that having a Bitcoin reserve is like having a safety net for the economy. Bitcoin is like gold, but it’s digital and can be used more easily. It’s also limited in supply, which makes it valuable. Some people think that Texas is doing this to show that it’s a leader in the world of cryptocurrency and to say “no” to the federal government’s growing debt.
The Vote and What It Means
The Texas Senate voted 25-5 to pass the bill. This means that many senators support the idea of a Bitcoin reserve. This is a big deal because it means Texas might be the first state in the U.S. to officially have Bitcoin as part of its financial plan. Other states might follow Texas’ example.
Who Will Watch Over the Fund?
The bill doesn’t say how much money will be used to start the fund yet, but Senator Schwertner plans to ask for about $20 million for the next two years. The fund will be watched over by a group of experts in crypto investments. These experts will be chosen by the comptroller.
Texas Takes a Big Step Forward
When the Texas Senate passed SB 21, it was a really big moment. Texas is now one step closer to using Bitcoin and other digital assets. This could help the state’s economy and show that Texas is ready for the future. Now, the bill will go to the Texas House for more discussion. Everyone is waiting to see if Texas will successfully start this new plan and if other states will follow.
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Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– Happy Scribe
– U.Today