Texas is one step closer to setting up a strategic bitcoin reserve after the state's House of Representatives approved a senate bill aimed at creating a fund for investing in digital currencies. The bill, which was passed with a 101-42 vote, proposes the establishment of a 'Texas Strategic Bitcoin Reserve' to oversee cryptocurrency investments and manage the state's financial assets.
Following House amendments, the bill now requires a concurrence vote from the Senate before it can be sent to Governor Greg Abbott for final approval. If successful, Texas would become the second US state to create a strategic reserve for digital assets, following in the footsteps of New Hampshire.
A similar proposal in Arizona was previously vetoed by Governor Katie Hobbs, who expressed concerns over bitcoin being an 'untested investment', although she has since signed a bill allowing the state to hold abandoned digital assets as unclaimed property.