The Texas House of Representatives has approved SB 21, a bill that aims to create a strategic Bitcoin reserve for the state, passing with a 101-42 vote. This legislation, authored by Senator Schwertner, will empower the state comptroller to manage the Bitcoin reserve and invest in cryptocurrencies meeting specific market cap criteria, currently limited to Bitcoin given that any cryptocurrency must have a market cap exceeding $500 billion over the prior year. Prior to the vote, Representative Capriglione emphasized the significance of the bill in establishing Texas as a leader in the digital economy, highlighting the move towards adopting modern assets with traditional qualities for future growth. The bill is now awaiting Governor Greg Abbott’s decision for approval or veto.

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