The Texas House Committee has recently made a significant stride in the world of cryptocurrency by passing a Republican-backed bill that aims to establish a Bitcoin reserve in the state. The bill, known as Senate Bill 21, has already been approved by the Texas Senate and now requires a successful full floor vote before it can be sent to the governor's desk for final approval.

The proposed legislation would create the "Texas Strategic Bitcoin Reserve," which would be overseen by the state's comptroller, currently Glenn Hegar. The reserve would have the authority to invest in digital assets that have achieved a market capitalization of at least $500 billion over the past twelve months, a criterion that currently only applies to Bitcoin (BTC).

Originally introduced by Republican Senator Charles Schwertner in January as a Bitcoin-only bill, SB 21 was later amended in February to potentially include other digital assets. Julian Fahrer, founder of Bitcoin Laws, emphasized the importance of the bill's fate being decided before the Texas legislative session ends on June 2.

Texas Governor Greg Abbott, who has previously expressed his ambition to position Texas as the "crypto capital" of the United States, would be the final decision-maker if the bill successfully passes the full floor vote.

Coinciding with the Texas development, Arizona Governor Katie Hobbs signed a bill into law that allows the state to retain unclaimed cryptocurrencies and establish a Bitcoin and Digital Asset Reserve Fund without utilizing taxpayer or state funds. This legislation also permits the state to stake abandoned crypto assets to earn rewards or receive airdrops, which can then be added to the reserve fund.

Furthermore, New Hampshire Governor Kelly Ayotte recently signed House Bill 302 into law, enabling the state's treasury to invest in cryptocurrencies with a market capitalization exceeding $500 billion.

However, Florida took a different stance by removing two Bitcoin reserve bills on May 3. This decision was made amidst the passing of 230 bills covering a wide range of topics, from prohibiting fluoride in water to banning smartphone use in schools.

The increasing acceptance and integration of cryptocurrencies into state legislation reflect a growing trend across the United States. As more states explore the potential benefits and implications of digital assets, the landscape of cryptocurrency regulation continues to evolve.

Source: https://cointelegraph.com/news/texas-house-committee-passes-bitcoin-reserve-bill-for-full-floor-vote?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound