The Texas House of Representatives passed the bill, SB 21, which would allow the state to directly invest in cryptocurrencies, on its third ballot by a vote of 101-42.
The bill would establish a new special fund called the “Texas Strategic Bitcoin Reserve,” which would be managed by the state comptroller to invest in crypto assets with a market value of at least $500 billion.
By law, the Texas Strategic Bitcoin Reserve will focus solely on large-scale, high-market-cap cryptocurrencies. The fund aims to diversify the state’s financial assets to increase potential returns and capitalize on the rising value of digital assets.
The bill is currently awaiting approval from the Governor of Texas. If signed by the Governor, Texas would become one of the first states in the US to allow direct cryptocurrency investment.
Bitcoin price broke its all-time high price record today.
*This is not investment advice.
