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Texas is the latest US state to move forward on a strategic Bitcoin (BTC) reserve. Legislators in the region are working towards passing the “Strategic Bitcoin Reserve” bill into law.
This move underscores Texas’ history of crypto-friendly legislation and its future mission to lead the “digital economy.”
Texas and the Bitcoin Bill Details
On Thursday, policymakers in the Texas Senate approved a proposal to transfer some public funds to Bitcoin as part of a strategic reserve.
After the proposal was scaled through the Senate Floor 25-5 vote, the Bill passed. Three months ago, Texas introduced the bill to establish a strategic Bitcoin reserve to strengthen its economy.
The proposal, led by Republican Representative Giovanni Capriglione, would allow the state to accept Bitcoin for taxes, fees, and donations.
The bill has reached the House and is expected to be deliberated on or before May 24. Satoshi Act Fund founder Dennis Porter is positive that the proposal may become effective soon.
He noted the possibility that the House will work to expedite the process and get it to the governor’s desk faster than it would normally take.
Porter highlighted Texas’s strong economy, ranked as the 8th largest economy in the world.
He hinted that Texas is one of the top contenders likely to pass a Bitcoin investment bill into law. The US state boasts up to $2.6 trillion in GDP, showcasing a thriving economy.
Texas Economy and State’s Bitcoin Mining Exposure
This outlook, coupled with Donald Trump’s return as the President of the United States, is likely the foundation of Texas’ recent move.
Meanwhile, Texas’ reputation in the global economy makes this bill a big deal. Porter is quite positive that passing the bill into law will send shock waves through the world.
Apart from the Bitcoin strategic reserve, Texas is gaining traction in Bitcoin mining.
Some factors that have helped the state become a global mining hub are the abundant energy resources, relatively low electricity costs, and a deregulated power grid.
These features have attracted several big crypto mining operations to the region. Effectively, it has also made Texas the top Bitcoin mining state in the US.
Experts and market observers have suggested that the reigning administration may expand mining options in the US.
At the same time, a few have hinted at the possibility that Texas will soon tax crypto mining. This is to ensure regulation and standardization of the process, especially in the unruly use of electricity.
However, the approach is positive, as showcased in a recent note from Lieutenant Governor Dan Patrick. Commenting on the Senate passage of the Bitcoin Bill, he said he will work swiftly to establish a Bitcoin reserve for the state.
Past Legislation Favoring Crypto in the State
Texas’ history of crypto-friendly legislation marks a strong basis for the BTC push.
The positive legislative trend dates back to 2021, when House Bill 4474 recognized digital assets under the Uniform Commercial Code.
In addition, House Bill 1576 also designed and established a blockchain working group. These moves are a clear indication of Texas’ pro-crypto stance.
Generally, the US has suddenly become a haven for cryptocurrencies, with multiple policies and an executive order in its favor.
Trump recently announced the adoption of a multi-crypto strategy reserve in the US and listed SOL, ADA, and XRP as altcoins to be added.
Though this initiative has sparked criticism of the White House plan, it suggests increasing institutional and mainstream adoption of crypto.
