Before getting on the table for the governor for signing, the bill was adopted by the Senate of Texas by 25 votes “For” and 5 “against”, while the House of Representatives approved him with 9 votes “For” and 4 “against”. The law will enter into force on September 1, 2025.
The law implies the creation of an advisory committee that will manage the reserve. The committee includes five participants, including the state controller and experts on crypto investments. For safe storage of funds, the controller will be able to conclude agreements with qualified castodial services that have worked in the field of digital assets for at least five years. The reserve is designed to protect the state budget from inflation and economic instability, as well as increase the financial stability of the state.
Texas authorities will be able to invest in Bitcoin and other crypto assets. However, the average market capitalization of crypto assets in the strategic reserve should be at least $ 500 billion in the previous 24 months. Now only bitcoin meets this criterion – its market capitalization has more than $ 2 trillion. As for the second cryptocurrency, the broadcast, its indicator is about $ 277 billion. It does not yet meet the requirements of the signed law, but if the market capitalization of the broadcast will grow over time, it will also be able to apply for inclusion in the reserve.
Texas became the third American state to accept Bitcoin as a strategic asset. Previously, this was done by New Hampshire. In May, the governor of Arizona Katti Hobbs also signed a bill on the creation of a backup crypto fund.
Source: Bits
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