Texas Senate Committee Approves Strategic Bitcoin Reserve Bill SB 21 with a Unanimous 9-0 Vote

The Bitcoin Reserve Bill SB 21 that was being discussed by the Texas Senate Business & Commerce Committee has passed and will now move to the full Senate for more discussions and considerations.
Texas is on track to become one of the pioneering states to hold a cryptocurrency reserve. The Texas Senate Business & Commerce Committee recently passed the Strategic Bitcoin Reserve Bill SB 21. The committee unanimously voted in favor of the bill with a 9-0 vote.
Texas Bitcoin Reserve Bill SB 21 proceeds to the Senate for further review
The legislation will now proceed to the Texas Senate for further review, considerations, and discussions following the successful voting approval. During the Senate review, lawmakers will assess the advantages and associated risks of a state-owned Bitcoin reserve. The outcome of the Senate review will determine whether the bill progresses further in the legislative process or ends.
The bill proposes to introduce and establish a state-managed strategic Bitcoin reserve. The bill positions Texas among the growing number of U.S. states interested in adding Bitcoin to their treasury as a financial asset.
The legislation shows the industry is receiving increasing support from lawmakers. If it passes the Senate, Texas could set an example of how state governments invest in digital assets moving forward.
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South Dakota lawmakers kill bill to allow state investments in Bitcoin
Despite the development, Bitcoin reserves have faced challenges due to regulatory uncertainties and growing concerns over the asset’s volatility. South Dakota lawmakers blocked HB 1202, halting the state’s intention to join the Bitcoin bandwagon for now. However, interest in Bitcoin reserves is still strong.
Other U.S. states join the Bitcoin bandwagon with crypto strategic reserve proposals
Other states are exploring similar proposals and are on track to clear regulations adding Bitcoin to their books. New Mexico recently proposed to invest 5% of public funds in Bitcoin to establish its state-owned Bitcoin reserve. The State’s legislature welcomed Senate Bill 57 (SB57) in early February making New Mexico the latest U.S. State to explore the development of a strategic Bitcoin reserve.
Other states such as Indiana and Utah have also shown interest in diversifying their funds in Bitcoin to benefit from the asset’s long-term advantages. The move coincides with the Federal Government’s national digital asset reserve plan initiated by President Trump.
David Sacks confirms the Federal Government is reviewing the Bitcoin stockpile proposal
In a recent press conference, Crypto & AI Czar David Sacks said the government is reviewing a proposal to establish a Bitcoin stockpile for the national treasury. Sacks explained that his digital asset markets working group, which was established by an executive order from President Trump two weeks ago, is evaluating the feasibility of a crypto reserve.
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The order uses the broader term “digital asset stockpile,” leaving behind clues that it could involve altcoins as well. However, it is still unclear when the presidential crypto working group will recommend BTC purchases from the funds collected from taxpayers.
Amid the growing optimism around Bitcoin reserves, investors are showing signs of extreme fear, causing crypto assets like Bitcoin to tank significantly. The crypto fear and greed index from Alternative reads a value of 10 showing the market sentiment is bearish. The reading is lower than that recorded during the collapse of the FTX exchange back in November 2022.
Bitcoin ETFs have witnessed massive outflows as Bitcoin prices sink below $90k. Earlier today, BlackRock’s Bitcoin ETF IBIT deposited 5,100 Bitcoin valued at approximately 441.88 million and 30,280 ETH worth $71.85M into Coinbase Prime. The Fund experienced the largest single-day outflows on 26th February, according to Farside Investors. As of this writing, Bitcoin retails at $84,736 and has been declining for the past 3 days.
Despite market uncertainty, experts believe the future is bright for crypto. Microstrategy’s chairman, Michael Saylor, recently announced he met with the House Financial Services Committee to discuss digital assets and how the U.S. can become the global leader in Bitcoin and crypto.
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