Texas Senate Takes a Big Step for Bitcoin
The Texas Senate has done something amazing! They’ve passed a new law called Senate Bill 21 (SB-21). This bill wants to create a special fund in Texas to buy and keep Bitcoin and other digital money, like cryptocurrencies[1][3]. This is a huge deal because it means Texas is serious about using digital money in its financial plans.
What’s in the Bill?
1. What it wants to do: At first, the bill was only about Bitcoin. But later, it was changed to include other digital money too. The bill wants to create a special fund outside the regular state treasury. The person in charge of Texas’s money, called the comptroller, can use this fund to buy, sell, or invest in digital money that’s worth at least $500 billion[2][5]. Right now, only Bitcoin is worth this much.
2. Who’s in charge: The comptroller will choose a group of experts in digital money investing to help oversee the fund[2].
3. How it’s paid for: No one knows yet how much money will be used to start this fund. Senator Charles Schwertner, who wrote the bill, plans to ask for about $20 million for the next two years[2].
Why This Matters
People who like this bill say it’s a good way for Texas to protect its money. They think Texas can be a leader in using Bitcoin and other digital money, and it can show that it doesn’t agree with the federal government’s big debt[2][3]. They also think it’s a smart investment, like buying gold.
What’s Next?
This bill is like a big step towards Texas using digital money more. Now, it will go to the Texas House to see if they like it too. If they do, Texas could become a big player in the world of cryptocurrencies!
Other states are also interested in using digital money. More than 20 states have already talked about doing something similar[5]. So, Texas might start a trend that other states follow!
Texas Steps into the Future
This new law shows that Texas is ready to use digital money in its financial plans. It’s an exciting time because this could change how we think about money and how states plan their finances. Let’s see if Texas can lead the way!
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Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– U.Today
