Texas House Advances Bitcoin Reserve Bill With Bipartisan Backing

The Texas House of Representatives The House began by adopting an amendment from Representative Linda Garcia (D-TX) that doubled the required market capitalization period from 12 to 24 months.Buoyed by strong bipartisan support, the House passed the Senate Bill 21 with a 105-23 vote, advancing it to a third reading.The bill is a “forward-thinking measure” that would help recognize digital assets “not as a trend but as a strategic opportunity” key to “strengthening the state’s fiscal resilience,” Giovanni Capriglione (R-TX), its House sponsor, said before the final vote.Officially dubbed the Texas Strategic Bitcoin Reserve and Investment Act, the bill establishes a framework for the state comptroller to maintain and manage crypto holdings as a “special fund outside the state treasury.”Initial discussions and proposalsUnder the proposed legislation, the reserve can hold Bitcoin and potentially other cryptos as “a hedge against inflation and economic volatility,” according to the bill text’s The comptroller also needs to submit a report every two years to the legislature on crypto holdings, their value, and any changes during that time. An advisory committee, including crypto investment experts, will guide the comptroller on reserve management.Progress on Texas’s Bitcoin reserve bill comes roughly two years since the Lone Star state established itself as a Still, the bill requires passage on third reading in the House.Since it was amended, any differences between the House and Senate versions would need to be reconciled before final approval by both chambers.Only then would it head to the governor’s desk, potentially establishing America’s second state-managed Bitcoin reserve after The state of Arizona would have followed, but its governor Edited by