The state of Texas has officially passed a law that establishes a Bitcoin reserve. The document SB 21 was signed by Texas Governor Greg Abbott, making the state the third in the U.S. to implement such an initiative after Arizona and New Hampshire.
This is reported by Business • Media
Features of the New Bitcoin Reserve Law
Unlike other states, Texas’s reserve will be funded directly from the budget, and the management of the funds will be overseen by the state controller of public accounts. The fund is expected to accumulate significant investments, and decisions regarding the purchase of digital assets will be made exclusively by professionals from the state financial office.
“The law guarantees the legal existence of the fund even if no bitcoins are purchased by the summer of 2025,” the statement said.
Additional Guarantees for the Bitcoin Reserve
In addition to bill SB 21, the governor also signed another important document – HB 4488. This law protects the reserve from potential fund seizures for the benefit of the general budget, ensuring the stability and independence of the new fund.
President of the Texas Blockchain Council Lee Bretchler expects that the investment in the strategic reserve will amount to tens of millions of dollars. Journalists noted that these bills were not mentioned in the governor’s press release dedicated to 16 key state initiatives.
It is worth noting that a month before the document was signed by Greg Abbott, the Texas House of Representatives had already approved bill SB 21, marking an important step towards establishing its own strategic Bitcoin reserve.