Texas Strategic Bitcoin reserve bill advances to Senate floor

BTC strategic reserve legislation at the state level might prompt the US government to adopt a strategic reserve at the federal level.

Texas Senate Bill 21 (SB-21), establishing a Bitcoin and cryptocurrency strategic reserve, passed the Texas Senate Banking Committee on Feb. 27 in a 9–0 vote and now advances to the Senate floor for further deliberation.

The bill gives the Texas Comptroller of Public Accounts the authority to acquire, sell and trade any investment “that a prudent investor exercising reasonable care, skill, and caution would acquire.” The bill also read:

Several US states have pending Bitcoin (BTC) strategic reserve bills, including Oklahoma, Arizona and Utah, to diversify state financial reserves and hedge against rising US dollar inflation.