Texas has recently passed Senate Bill 21, establishing the Texas Strategic Bitcoin Reserve, becoming the third U.S. state to integrate Bitcoin into its investment strategy. This legislation allows the state to invest directly in Bitcoin and other cryptocurrencies under strict regulations. The State Treasurer will oversee the reserve, ensuring security through cold storage and permitting staking and derivatives for enhancing benefits. The fund will receive allocations from state appropriations, public donations, and investment returns, while also allowing temporary liquidations for cash management when needed. Governor Abbott's decision on the bill is yet pending.
"The establishment of a strategic bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state," declares the legislation.
SB21 authorizes the creation of the Texas Strategic Bitcoin Reserve, a special fund outside the state treasury, which allows Texas to invest directly in Bitcoin and other approved cryptocurrencies.
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