Golden Finance reports that, as disclosed by Bitcoin Laws, the issue of cryptocurrencies on the US political stage has once again stirred up waves. In the latest legislative developments, the Senate has voted to pass the report of the joint committee of the two houses on the Bitcoin Reserves Bill SB 21, with a voting result of 24-7. This key development means that the bill has overcome significant legislative obstacles. Now that both houses have passed the report, the bill can finally be submitted to the governor for signature and is just one step away from becoming a formal law.
The Bitcoin Reserve Act SB 21 aims to allow the state of Texas to accept Bitcoin as part of taxes, fees, and donations, and incorporate it into the state’s financial strategic reserves. If the bill is eventually signed into law, Texas will become a pioneer in the field of cryptocurrency policy in the United States. The bill was proposed by Republican state Senator Charles Schwertner. Its core goal is to stabilize the economy of Texas and combat inflation by establishing a strategic Bitcoin reserve.
At the specific implementation and management level, the bill stipulates that the state auditor general will take on the responsibility of managing this reserve, being in charge of a series of key matters such as the secure storage, management and reporting of Bitcoin assets. In addition, the Auditor General also has the authority to accept Bitcoin donations from Texas residents or government entities. This design aims to promote shared ownership of the state’s finances and community investment, and enhance the public’s sense of participation in state financial affairs. It is worth noting that the bill does not require Texas to directly purchase Bitcoin. The Bitcoin obtained through this program will be held for at least five years, adding flexibility to the legislation and emphasizing the intention that adjustments can be made over time to improve the bill.
Judging from the market reaction, the advancement of the Bitcoin Reserve Act SB 21 has attracted widespread attention in the cryptocurrency market. As the bill gradually moves towards final signing, market confidence in Bitcoin has been boosted to a certain extent. Over the past period of time, the price of Bitcoin has shown a relatively strong trend, once breaking through key resistance levels. Some market analysts believe that positive news like the Texas Bitcoin Reserve Act has, to a certain extent, stimulated the market’s investment enthusiasm for cryptocurrencies.
Looking across the United States, other states are also actively exploring legislation related to cryptocurrencies. Utah’s “Strategic Bitcoin Reserve Act” has been passed by the House of Representatives and is now entering the Senate’s review stage. The bill allows the state Treasury secretary to invest up to 5% of specific public funds in “qualified digital assets”, including Bitcoin. Oklahoma is also advancing similar legislation. Its “Strategic Bitcoin Reserve Act” has been passed by a House committee and is now in the full voting stage. The bill allows up to 10% of public funds to be invested in Bitcoin or digital assets with a market value of over 500 billion US dollars.
The passage of the joint committee report of the Bitcoin Reserve Bill SB 21 by the Senate this time is a major milestone for Texas on the road of cryptocurrency legislation. Once the governor signs the bill, Texas will take the lead in the cryptocurrency field, and its policy moves may have a profound impact on the direction of cryptocurrency policies in other states and even globally, prompting more regions to re-examine the role and value of cryptocurrencies in the modern financial system.
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