Texas Senate Takes a Big Step with Bitcoin Bill
Something exciting happened in the Texas Senate! They passed a new bill called Senate Bill 21 (SB-21). This bill wants to create a special fund for Bitcoin and other cryptocurrencies in the state. This is a big deal because it means Texas is serious about using digital money as part of its financial plans.
What’s in the Bill?
What It Wants to Do
At first, the bill was only about Bitcoin. But later, it was changed to include other digital assets too. The bill wants to create a special fund outside the regular state treasury. This fund would let the Texas comptroller buy, sell, or invest in cryptocurrencies that are worth at least $500 billion in total. Right now, only Bitcoin is worth that much.
Who Will Watch Over It?
The comptroller will oversee this fund. They will also choose a group of experts to help make decisions about the fund. No one knows yet how much money will be used to start this fund, but Senator Charles Schwertner, who introduced the bill, wants to ask for about $20 million for the next two years.
Why Is This Important?
People who support this bill say it’s a good way for Texas to protect its money. They think it’s like investing in gold, not competing with the US dollar. They also think it shows that Texas is ready to lead the way in using Bitcoin and other cryptocurrencies.
What’s Happening in the Rest of the Country?
Texas isn’t the only place talking about Bitcoin reserves. The president of the United States wants to create a federal Bitcoin reserve too. This means that more and more people are thinking that digital money could be important for financial plans at both the state and national levels.
Other states are also interested. More than 20 states have already introduced similar bills, which means many places are thinking about how cryptocurrencies could help their states too.
What’s Next?
Now that the Texas Senate has passed the bill, it will go to the Texas House. If the House agrees, Texas could become a leader in using cryptocurrencies. This could also influence what other states and even the whole country do with digital money.
As the world becomes more digital, using cryptocurrencies like Bitcoin could change how we think about money and economics. Texas is taking a big step towards this future, and it will be exciting to see what happens next!
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Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– U.Today