Texas Senate Makes Big Move for Bitcoin
The Texas Senate has done something amazing! They passed a new law called Senate Bill 21 (SB-21). This law wants to create a special fund for Bitcoin and other cryptocurrencies in the state. This is a big step towards using cryptocurrencies in a big way.
What’s in the Bill?
At first, the bill was just about Bitcoin. But then, it was changed to include other digital assets too. This happened after the president said we should study the idea of having a “digital asset stockpile”.
The bill wants to create a special fund outside the regular treasury. The Texas comptroller can then buy, sell, or invest in cryptocurrencies that are worth at least $500 billion. Right now, only Bitcoin is worth this much.
No one knows yet how much money will be used for this. Senator Charles Schwertner, who made this bill, wants to ask for around $20 million for the next two years. The comptroller will choose experts to help manage this fund.
Why This Matters
People who like this bill say it’s a good way to protect Texas’s money. It also shows that Texas is ready to use Bitcoin and other cryptocurrencies. Some people think it’s like having gold, which is scarce and valuable.
What’s Next?
This bill comes at a time when many people are talking about using Bitcoin and other cryptocurrencies. The president even wants to create a federal Bitcoin reserve! This means that many states might follow Texas’s example and make their own plans for using cryptocurrencies.
What Does This Mean?
The Texas Senate’s vote for this bill is a big deal. It shows that states are starting to think about using cryptocurrencies in a big way. This could change how we think about money and how we protect it. Now, we’ll have to wait and see if Texas can really become a leader in using cryptocurrencies.
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Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– U.Today
