TechFlow news — On March 9, according to Bitcoin.com, the Texas Senate passed Senate Bill 21, which would establish a state-owned bitcoin reserve. Texas Lieutenant Governor Dan Patrick announced that the bill, introduced by Senator Charles Schwertner, received bipartisan support and will create a state-managed fund for holding bitcoin and other cryptocurrencies.
The bill stipulates that the Texas Comptroller will oversee the reserve, which is required to hold digital assets with a market value of at least $50 billion, and will be eligible for appropriations from the state budget. Additionally, the bill establishes a Strategic Bitcoin Reserve Advisory Committee to provide guidance on fund management and mandates biennial reporting on holdings.
The bill still needs approval from the House of Representatives and the governor's signature before becoming law.
