Texas advances legislation for strategic Bitcoin storage

Texas advances legislation for strategic Bitcoin storage

Crypto (Un)bridled: States Laying Their Bets on Bitcoin

Gear up, Texas! The House Committee on Delivery of Government Efficiency has given a green light, in a spine-tingling 9-4 vote, to Senate Bill 21 - a bill that aims to craft a Texas Strategic Bitcoin Reserve. This decision moves the bill one step closer to landing on Governor Abbott's desk.

According to our trusty crystal ball, er, sources, this bill, introduced by Republican Senator Charles Schwertner back in January, could become a Bitcoin-only affair, but it's been refiled to embrace digital assets with a whopping $500 billion market cap over the past 12 months. As things stand, Bitcoin reigns supreme as the only asset meeting that criterion.

Under the bill, the state comptroller will manage the reserve and invest state funds in eligible crypto assets, provided they pass the stand-up-comedy-level name of "eligible crypto assets."

And before you ask, yes, this baby has already sailed through the Senate on March 6, in a resounding 25-5 vote. Intrigued? Wait, there's more where that came from!

The Lone Star State isn't alone in its Bitcoin-chasing adventure. Texas isn't even Texas-Two-Step into this madness.

HB 4258, anyone? Introduced in March, this billurrito proposes that the state comptroller can invest up to $250 million of the Economic Stabilization Fund into Bitcoin or other cryptocurrencies.

SB 778, also from February's batch, proposes a twist: accepting taxes and donations in crypto and imposing a five-year holding period for any Bitcoin acquired by the state.

Don't cry for Texas because Arizona and New Hampshire are minting their own Bitcoin cleverly. Just a day before SB 21 passed the committee in Texas, Arizona Governor Katie Hobbs signed HB 2749 into law, creating a Bitcoin and Digital Assets Reserve Fund funded by unclaimed digital assets.

Meanwhile, New Hampshire Governor Kelly Ayotte signed HB 302, making it the first state to legally authorize public fund investment in Bitcoin and other qualifying assets. It's a wild West show, folks!

Speaking of wild, 37 Strategic Bitcoin reserve bills are nearing the crosshairs of legislative review across 18 U.S. states. But the road's been thorny: Florida, Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma have had a change of heart, withdrawing their bills due to lack of support.

In case you're wondering what all the fuss is about, here's the lowdown: New Hampshire's now the first U.S. state to officially pass a Strategic Bitcoin Reserve (SBR) bill into law. The state can invest up to 5% of its total funds in Bitcoin or other digital assets, as long as they boast a $500 billion market cap, making Bitcoin the only viable choice right now. Security and transparency are ensured by holding assets in U.S.-regulated custody options like multisig wallets or qualified custodians.

Arizona's approach? More cautious, setting up a crypto reserve for unclaimed properties instead of plunging state pension funds head-first into the crypto market. Oregon? It's recognizing Bitcoin as legal collateral.

We're still figuring out if this trend means the dawn of a new financial age for these states or just the start of a wild Bitcoin rodeo. But if the past year is anything to go by, it looks like we may be in for lots more digital fun. Buckle up, folks!

1. The House Committee on Delivery of Government Efficiency in Texas has approved Senate Bill 21, which aims to establish a Texas Strategic Bitcoin Reserve.
2. The bill, introduced by Senator Charles Schwertner, initially focused on Bitcoin but has been refiled to include digital assets with a market cap of over $500 billion in the past year.
3. Under the bill, the state comptroller will manage the reserve and invest state funds in eligible crypto assets, a term that seems to require a stand-up comedy level explanation.
4. HB 4258, introduced in March, proposes that the state comptroller can invest up to $250 million of the Economic Stabilization Fund into Bitcoin or other cryptocurrencies.
5. Arizona Governor Katie Hobbs signed HB 2749 into law, creating a Bitcoin and Digital Assets Reserve Fund funded by unclaimed digital assets.
6. New Hampshire Governor Kelly Ayotte signed HB 302, making it the first state to legally authorize public fund investment in Bitcoin and other qualifying assets.
7. As of now, 37 Strategic Bitcoin reserve bills are under legislative review across 18 U.S. states, but there have been withdrawals due to lack of support in states like Florida, Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma.

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