The House of Representatives in Texas voted on 20th May to develop a bill to establish a stable Bitcoin Reserve. Finally, the biggest move in the crypto world is here. Now awaiting the governor’s validating signature.
Once Senae Bill 21 is published, it could create a way for stockpiling BTC and other coins. It would also ensure genuine control over the crypto reserve and any major sales or purchases occurring therein.
All of the actions would fall under the purview of the state’s comptroller.
This policy rollout can also send a significant message to crypto enthusiasts in Texas about mobile investments in a resurgent field like crypto.
This move also mirrors potential efforts underway at the federal level and in other states. Some even argue that a GOP-led effort in Texas would conflict with conservative market principles, resonating with the state’s policy.
Doubts Still Persist
As per the state rules, the governor has to sign the bill within 10 days. He can also veto it or return it. He also has the opportunity to let it be converted into a law without his signature. Meanwhile, the body can pass it through a decisive vote to overturn the governor’s rejection.
Representative Ron Reynolds said the bill provides minimal oversight. The Dallas Morning News quoted his interview. He also said that this bill promotes the interests of wealthy investors seeking private assets.
Passing the bill would be nothing more than incentivizing risky investments in crypto!
