Texas is galloping toward its own Bitcoin Reserve after lawmakers voted en masse in favor of the bill. The bill for the establishment of a Strategic Bitcoin Reserve will now advance to third reading, with pundits predicting smooth sailing.
Texas Strategic Bitcoin Reserve Reaches Third Reading After One-Sided Vote
Texas lawmakers have signaled a clear intent to pass a Strategic Bitcoin Reserve into law for the Lone Star State. According to an X post by Scott Melker, the bill for a Texas Strategic Bitcoin Reserve has passed second reading in a decisive House vote.
The voting results during the second reading of the bill indicated a massive bipartisan support for the bill. A close look at the wording of the bill reveals a plan to set up a state-managed bitcoin reserve, managed by the Texas Comptroller of Public Accounts.
SatoshiActFund CEO Dennis Porter revealed in an X post that the third reading for the Bitcoin Reserve bill will take place over the next day. If everything goes according to plan, the bill will proceed to the Governor’s desk for final assent and signing into law.
Texas is angling to join a growing list of US states that have signed a Strategic Bitcoin Reserve bill into law. Arizona and New Hampshire have signed bills for a Strategic Bitcoin Reserve into law, with more US states keen on joining the train.
Back in March, US President Donald Trump signed an executive order for a national Bitcoin Reserve, triggering a gold rush among states to set up their versions.
Interest In State-Backed Bitcoin Holdings Rises To Frenetic Levels
After Trump signed the Bitcoin Reserve into law, interest in the offerings reached unseen levels. Utah, Oklahoma, and Kentucky are inching forward with their versions of a bill to join industry early-movers.
A Ukrainian lawmaker has unveiled plans to introduce a Strategic Bitcoin Reserve bill, to be the first in the EU. However, the move has garnered Binance’s support, with the exchange poised to become a strategic partner for Ukraine’s Bitcoin ambitions
Furthermore, Conor McGregor has plans to launch an Irish Strategic Bitcoin Reserve for the European country. Consequently, the ex-UFC champion has lined up a meeting with El Salvador President Nayib Bukele for a nationwide Bitcoin accumulation plan.
Amid the state-backed interest in Bitcoin reserves, the asset price has soared to $106,000, targeting an all-time high.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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