The Texas Senate advances the Bitcoin reserve bill with bipartisan support

The Texas Senate has just passed Senate Bill 21 (SB-21) with a significant majority, marking a major step in incorporating digital assets into the national financial system. The Texas Senate approved the Texas Bitcoin Reserve Act by a vote of 25 to 5, allowing the state to invest public funds in Bitcoin and other digital assets. Under SB-21, the Texas State Auditor will manage the Bitcoin reserves. The bill allows for holding digital assets with a total market value of at least $500 billion; currently, Bitcoin is the only asset that meets this requirement. Funds will come from legislative appropriations as well as donations from individuals and businesses. The bill also establishes a Strategic Bitcoin Reserve Advisory Committee which will oversee investments and publish reports every two years to ensure transparency and accountability.