Texas Governor Greg Abbott has expressed support for a recently passed bill by the state House of Representatives that will establish a strategic cryptocurrency reserve.
On May 22, in a post on X, Abbott shared an article from Techstory discussing Texas lawmakers' efforts to create a Bitcoin (BTC) reserve. The article noted that the passage of Bill SB 21 now depends on Abbott, approximately three months after the bill was introduced.
Since taking office, Abbott has identified himself as a "supporter of cryptocurrency legislation" in 2021 and stated in 2024 that he would support policies to make Texas the "crypto capital." Texas is one of the few state governments proposing to establish a strategic cryptocurrency reserve following the 2024 federal elections.
On May 6, New Hampshire Governor Kelly Ayotte was the first to sign a Bitcoin reserve bill into law. Arizona Governor Katie Hobbs subsequently approved a law allowing the state to claim ownership of unclaimed cryptocurrency. Some jurisdictions have refused to pass similar legislation, with about half of the 50 state governments considering bills related to Bitcoin reserves.
At the federal level, U.S. President Donald Trump signed an executive order (EO) in March concerning "strategic Bitcoin reserves" and "digital asset reserves," but as of May 23, Congress has yet to codify the order. Wyoming Senator Cynthia Lummis has been leading the push in the Senate for the "Boosting Innovation, Technology, and Competitiveness Act" (BITCOIN Act), which was reintroduced days after Trump's executive order was issued.
As of March 11, the bill has been submitted to the Senate Banking Committee, and it is unclear whether or when the Senate will consider a vote. The Senate may first debate a bill regulating payment stablecoins, the "GENIUS Act," with some lawmakers expected to vote before Memorial Day on May 26.
Related: "The Wall Street Journal": Major U.S. Banks in Preliminary Discussions on Jointly Issuing Crypto Stablecoins
Original: “Texas Governor Supports Bitcoin (BTC) Reserve Bill”
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