Texas to build bitcoin reserve

Austin—Lt. Gov. Dan Patrick issued this following the bipartisan passage of Senate Bill 21, Establishing the Texas Bitcoin Reserve:

“President Trump has stated unequivocally that he intends to make the United States the cryptocurrency capital of the world,” Patrick said. “His visionary leadership on Bitcoin and digital assets has paved the way for rapid American innovation, and Texas is leading the way.

“I promised to make a Texas Bitcoin Reserve a priority to solidify Texas’ leadership in the digital age. Today, the Texas Senate delivered on that promise by passing SB 21 with both Republican and Democrat votes to create the Texas Bitcoin Reserve. Some have called Bitcoin “digital gold,” and I believe its limited supply and decentralized nature make it a critical asset for Texas’ future.
 “Creating the Texas Bitcoin Reserve is a bold step for other states to follow. I stand with President Trump and hope to make Texas the epicenter of America’s digital future.”

Senate Bill 21, authored by Sen. Charles Schwertner, establishes the Texas Bitcoin Reserve, administered by the Texas Comptroller. The fund will contain Bitcoin and other cryptocurrency with a market capitalization of at least $500 billion. SB 21 also authorizes appropriations into the newly created fund and can be funded through the budget.

SB 21 also creates a Strategic Bitcoin Reserve Advisory Committee to provide guidance and recommendations for administering the reserve. Additionally, a biennial report will be required to detail the reserve’s holdings.

SOURCE Office of Texas Lieutenant Governor