Texas Governor Greg Abbott has signed Senate Bill 21, which officially creates the Texas Strategic Bitcoin Reserve.
With this new law, Texas joins a group of US states that hold Bitcoin
$105,067.84
as part of their government-managed financial reserves.
The law, which passed the Texas House in May, allows the state to use Bitcoin as a safeguard against inflation and economic uncertainty. The state comptroller is responsible for managing the reserve and is authorized to buy, hold, or sell Bitcoin as necessary.
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Bitcoin can be added to the reserve through several methods, not just direct purchases. The law also permits Bitcoin to enter through forks, airdrops, or donations.
This gives the state different ways to grow its holdings. However, the law sets a strict requirement: a digital asset must have kept a market value of at least $500 billion over the past two years.
The law said the comptroller must work with a qualified custodian or liquidity provider. These partners are expected to follow well-established security practices to protect the funds.
An advisory committee will handle oversight of the reserve, but the comptroller will have the final authority. The law also requires the comptroller to publish a report every six months. These updates will include the size of the reserve, how assets were acquired, and how the fund is performing.
Meanwhile, the CLARITY Act recently passed two House committees and advances to a full vote. What did Representative French Hill, the bill’s sponsor, say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
