Texas is really on a roll in creating a government-backed BTC reserve.
The decision came after the Senate approved Bill 21, or SB 21, in the second House on May 20th. As per the report, the bill was passed with a resounding majority of 105 to 23 votes.
SB 21 seeks to establish a strategic bitcoin reserve (SBR) in Texas. It is currently in the third reading and about to go to a final vote. If everything goes well, the bill could be sent to the governor for approval.
What Could This Mean?
If that happens, Texas could become one of the few states to get direct exposure to Bitcoin and BTC research at a governmental level, which could mean a significant shift in the dynamics of the whole thing.
Texas is already one of the largest economic bodies in the world. According to reports, it is valued at $2.6 trillion and has already surpassed similar giants like Russia, Canada, and Australia.
Even though the bill was a resounding success, it underwent certain changes according to the needs and wants of the Texan population.
For example, digital assets must maintain a $500 billion market cap for at least two years. Hence, something new is coming soon.
