Texas Governor Greg Abbott has signaled assist for a invoice lately handed by the state Home of Representatives that may set up a strategic cryptocurrency reserve.
In a Could 22 X submit, Abbott posted a Techstory article about Texas state lawmakers’ efforts to create a Bitcoin (BTC) reserve. The story identified that the choice for the passage of SB 21, the invoice in query, now rests on Abbott’s shoulders, roughly three months after it was launched.
Since taking workplace, Abbott referred to himself as a “crypto regulation proposal supporter” in 2021 and suggested that he would assist insurance policies to ascertain Texas as a “crypto capital” in 2024. Texas was certainly one of a handful of state-level governments that proposed setting up a strategic crypto reserve after the 2024 federal elections.
Associated: Ukraine strategic Bitcoin reserve bill reportedly in final stages
On Could 6, New Hampshire Governor Kelly Ayotte was the primary to sign a Bitcoin reserve bill into regulation. Arizona Governor Katie Hobbs later approved a law permitting the state to assert possession of unclaimed crypto. Some jurisdictions have rebuffed efforts to cross related laws, with roughly half of the 50 state governments contemplating a Bitcoin reserve.
New administration working to have the US authorities hodl
On the federal stage, US President Donald Trump signed an executive order (EO) in March for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” however Congress had not codified the order as of Could 23. Wyoming Senator Cynthia Lummis has led efforts within the chamber to cross the Boosting Innovation, Know-how, and Competitiveness via Optimized Funding Nationwide, or BITCOIN, Act, reintroduced a few days after Trump’s EO.
As of March 11, the invoice has been referred to the Senate Banking Committee, and it was unclear if or when the chamber would take into account a vote. The Senate will doubtless first transfer ahead with debate on a invoice to control cost stablecoins, the GENIUS Act, with some lawmakers anticipating a vote by Memorial Day, Could 26.
Journal: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K
