Texas Joins Growing List of US States With Bitcoin Reserves

Texas officially opened its state fund for Bitcoin, with Governor Greg Abbott signing The Senate Bill of Law 21 on Friday, establishing a state strategic reserve Bitcoin, joined two other countries in the process.

The reserve increases the financial resistance of the state by serving as “protection against inflation and economic volatility”, and his supervisor is authorized to buy, sell, hold or manage any investment in reserve, ITS account reads.

Governor Abbott’s signature comes one month after the Texas representative home passed legislation on May 21, despite the initial opposition to the proposal of the law.

The Bitcoin Strategic Strategic Reserve will act under detailed operational guidelines. Digital assets can reserve several times: “Direct shopping, fork, Airdrop or donation.” This flexibility allows the state to accumulate bitcoin through different market mechanisms beyond simple shopping.

However, legislation requires any digital property that eligible for maintaining “average market capitalization of at least $ 500 billion for a 24 -month period” before acquisition, the threshold that is currently meets.

Security measures for reserve assets would be admitted to institutional standards, demanding a supervisor to “contract with a qualified guardian or liquidity provider” for the storage of assets, providing custody arrangements with the best practices in the industry.

The counseling committee will supervise, but the supervisor retains powers. The draft law of transparency through a statement on status and success, which should be public and filed twice a year with state leadership.

Bitcoin public reserves

While Texas comes in third place after New Hampshire and Arizona in the Krypto Framework Research, it is the first US state to oblige public funds with explicit legal protection. The reserve cannot be dissolved and future legislative bodies, even if the purchase of bitcoin does not immediately occur.

New Hampshire He was First for approval Public investment in Bitcoin, but this has retained property in a state treasury without creating a separate spare or long -term legal protection.

ArizonaIn the meantime, he created a structured fund For the management of cryptocurrencies without searching, but did not commit any new public funds or did active investments.

Legal Protection for the Texas Laws Law falls in House Bill 4488which allows Senate Bill 21 to do as foreseen and ensures that the Bitcoin Strategic Strategic Reserve will not automatically be abolished at the end of the legislative sessions, as would usually occur with new state funds.

HB 4488 legally releases the SB21 from the default shift and protects its dedicated income and interest from diverting to general state funds. In fact, it guarantees the long -term survival and financial independence of the Bitcoin reserve approved by SB 21.

Edited Sebastian Sinclair