The Texas BTC reserve proposal passed 9-0—what’s next?
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The Texas BTC reserve proposal passed 9-0—what’s next?
Other red states rejected similar bills, causing a split in the crypto political alliance.
Navigating Web3 tides with focused insightsSource: beincrypto
Compiled by: Blockchain Knight
The Texas BTC reserve proposal has passed unanimously through the Committee on Commerce and Trade and will now move to the Senate for a vote.
However, in other Republican-controlled states, several similar bills have been easily rejected. Even within Texas, there is not unanimous Republican support, and the proposal may fail to pass in the Senate.
Can Texas pass the BTC reserve proposal?
Multiple U.S. states are attempting to pass their own BTC reserve proposals, which, if approved, would make these states major holders of BTC. When these proposals were first introduced, the Crypto community was ecstatic, as they could bring up to $23 billion in new BTC purchases.
Now, thanks to a committee in Texas, another BTC reserve effort has advanced.
Local journalist Brad Johnson said: "The committee substitute version of Senate Bill 21 (the BTC reserve proposal) just passed through the Committee on Commerce and Trade with a unanimous 9-0 vote. The strategic BTC reserve proposal will now go to the full Senate for consideration."
When a proposal passes a committee vote, it means a small group of lawmakers dedicated to that issue (in this case, the Committee on Commerce and Trade) has reviewed it and unanimously agreed it deserves further consideration.
After clearing the committee stage, the proposal moves to the full Senate for debate and voting. If a majority of senators support it, it could potentially become law.
This news from Texas is particularly encouraging, as it marks a new victory among all BTC reserve legislative efforts. Earlier this month, these proposals were gaining strong momentum, with Utah making significant progress.
However, Montana rejected its own reserve proposal, followed by several other Republican-controlled states doing the same. In other words, this represents the first major crack in the emerging political alliance around Crypto.
Texas's position in the BTC reserve race. Source: BTC Legal News
Texas's newly appointed lieutenant governor strongly supports the BTC reserve proposal, undoubtedly increasing its chances of passage. Although a senator in Wyoming offered strong backing, the state's legislative effort failed to clear the committee stage.
A key factor that might help the bill pass is that Texas is one of the largest BTC mining centers in the United States. Currently, the bill does not explicitly require Texas to purchase these assets from local businesses, but it is entirely possible.
Still, the recent string of rejections across multiple Republican-controlled states is discouraging. Whether the bill will ultimately pass remains uncertain.
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