News
Governor Greg Abbott posted to his official X account on May 22, roughly a day after the legislature passed a bill to create a strategic Bitcoin reserve in Texas.
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Texas News
Texas is a state in the south of the USA. Texas is second in the country in terms of both territory and population. The state is a center for agriculture, oil and gas production, education and finance, so it has a strong economy and Texas’ GDP is usually compared with the GDP of Russia. In terms of Bitcoin in Texas, it is allowed to be used and the state is frequently a location for various cryptocurrency-related projects and conferences, such as the Texas Blockchain Conference. Besides that, the state is the place of origin of the North Texas Blockchain Alliance. which is an organization aimed to provide support for developing blockchain technologies and organization for related events in the North Texas region.
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If signed into law, the bill would allow the Texas comptroller to establish a Bitcoin reserve and invest in select cryptocurrencies based on market cap criteria.
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A Bitcoin reserve bill passed by the Texas Senate has made progress in the House, advancing out of committee to head to the floor.
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MARA Holdings and the head of digital assets research at VanEck endorsed the FLARE Act proposed by Texas Senator Ted Cruz on April 1.
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ARK Invest participated in Apptronik’s $403 million Series A round, joining Mercedes-Benz, Google, and Japan Post Capital to fund humanoid robotics innovation.
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A House bill filed by a Texas Democrat proposed the state’s comptroller wouldn’t be able to invest more than $250 million in crypto.
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According to Bitcoin Laws, a total of 32 Bitcoin strategic reserve bills have been introduced in 24 US states at the time of writing.
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This week, four different states introduced crypto-related bills, bringing the number of US states to introduce such legislation up to nine in February alone.
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The bill “would make our state the first to establish a Strategic Bitcoin Reserve and drive innovation, growth, and financial freedom,” said Senator Schwertner.
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Arizona’s Bitcoin reserve bill aims to enable public funds and pensions to invest in Bitcoin, marking a significant shift in cryptocurrency adoption and financial strategy.
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The payments firm said with the addition of the two US states, it held more than 50 licenses across different jurisdictions.
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In a win for crypto privacy technologies, a US court in Texas has overturned Tornado Cash sanctions.
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BTC mining aids Texas’ grid stability, cutting $18 billion in costs by replacing gas peaker plants with efficient demand response.
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If passed and signed into law, “it would make Texas the first state to establish a strategic Bitcoin reserve,” says Senator Charles Schwertner.
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In an interview with Coinpectra, US Senator Ted Cruz discusses Bitcoin’s role in driving small business growth, its potential as a hedge against inflation and why Texas is becoming a top crypto hub.
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