Texas Governor Abbott Shows Support for Bitcoin Reserve Bill

Texas Governor Abbott Shows Support for Bitcoin Reserve Bill

Texas Governor Abbott Shows Support for Bitcoin Reserve Bill

Texas Governor Signals Support for Bitcoin Reserve Bill

Texas Governor Greg Abbott has signaled support for a bill recently passed by the state House of Representatives that would establish a strategic cryptocurrency reserve. In a May 22 post, Abbott shared a Techstory article about Texas state lawmakers’ efforts to create a Bitcoin (BTC) reserve. The decision for the passage of SB 21, the bill in question, now rests on Abbott’s shoulders, roughly three months after it was introduced.

Since taking office, Abbott has referred to himself as a “crypto law proposal supporter” in 2021 and suggested that he would support policies to establish Texas as a “crypto capital” in 2024. Texas was one of a handful of state-level governments that proposed setting up a strategic crypto reserve after the 2024 federal elections.

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At the federal level, US President Donald Trump signed an executive order (EO) in March for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” but Congress had not codified the order as of May 23. Wyoming Senator Cynthia Lummis has led efforts in the chamber to pass the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, or BITCOIN, Act, reintroduced a few days after Trump’s EO.

As of March 11, the bill has been referred to the Senate Banking Committee, and it was unclear if or when the chamber would consider a vote. The Senate will likely first move forward with debate on a bill to regulate payment stablecoins, the GENIUS Act, with some lawmakers anticipating a vote by Memorial Day, May 26.

On May 6, New Hampshire Governor Kelly Ayotte was the first to sign a Bitcoin reserve bill into law. Arizona Governor Katie Hobbs later approved a law allowing the state to claim ownership of unclaimed crypto. Some jurisdictions have rebuffed efforts to pass similar legislation, with roughly half of the 50 state governments considering a Bitcoin reserve.

It remains to be seen how the Texas governor’s support will impact the fate of the Bitcoin reserve bill in the state. With the growing interest in cryptocurrencies at both the state and federal levels, the landscape of digital asset regulation in the United States is evolving rapidly.

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