Texas joins the Bitcoin Reserve Club and approves BTC stocks at the state level

Texas is officially the third US state that has set up a state Bitcoin reserve, which signals a growing trend for the introduction of digital assets at the state level.

Governor Greg Abbott signed the Senate draft 21 and thus authorized the finance minister of Texas to invest state funds in Bitcoin. This is done as part of a newly created fund that operates outside the traditional financial system.

The new legislation marks a significant change in the way states deal with cryptocurrencies, and not only positions Texas as a mining center, but also as a long-term owner of Bitcoin. According to the provisions of SB 21, the state is now entitled to acquire and manage BTC directly and thus build a so-called strategic bitcoin reserve. The reserve is managed regardless of the main budget of the state and offers a special mechanism for investments in digital assets.

The draft law was passed by the Senate of the state at the beginning of the year with a solid majority from 101 to 42 votes, after debates were held for months and lobbying was operated by crypto interest groups. One of the volume supporters of the draft law, Dennis Porter from Satoshi Action Fund, confirmed the signing shortly after the farewell and praised the step as a historical step towards aligning state finances in digital innovations.

Texas thus follows other Bitcoin-friendly states that have already started to examine the role of cryptocurrencies for public finances and long-term financial stability. The decision of the Lone Star State could encourage others to follow this example, especially since the regulatory framework at the federal level becomes increasingly clear and the political mood towards Bitcoin is changing.

Further details on the administration of the fund and the planned amount of the state's Bitcoin purchases are expected in the coming weeks.

Alexander has been working in the crypto industry for three years and has made a name for himself during this time through his active participation in observing the market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional obligation, but a deep personal passion. He follows the news from the industry every day, analyzes trends and is enthusiastic about every new step in the development of blockchain solutions. His enthusiasm drives him to constantly learn and share his knowledge because he sees the future in the digital financial world and its role in global transformation.