3 weeks ago
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Texas took a step closer to accepting Bitcoin reserves as the state Senate voted on the Bitcoin Reserve bill. The bill received 25 votes in support and 30 against, meaning that it received strong bipartisan support. The bill is sent to the House of Representatives for a second vote before it reaches the Governor’s desk.
Unlike similar bills from other states, Texas’ bill does not call for Bitcoin purchasing. This helped ease concerns among fiscal conservatives. The bill gives the state the option to buy Bitcoin, especially from local mining companies, without forcing immediate spending.
The move is significant because Texas holds the second-largest GDP among U.S. states. The state’s Lieutenant Governor has openly backed the proposal, further boosting its chances. If approved, Texas could join Utah and Arizona as leaders in state-level Bitcoin reserves.
Recent attempts to pass Bitcoin reserve bills have failed in several Republican-led states like Montana and Wyoming. Texas’ flexible approach may help break that trend.
The second obstacle will be getting a vote out of the House, where it will need votes from a higher number of members. With Texas having 62 Democrats and 89 Republicans, there is an even chance at best. Regardless, the successful passage of the bill in the Senate gives solace to crypto fans as they wait to see what Texas has up its sleeve.
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