The Texas House of Representatives passed SB 21, a bill that would allow states to invest directly in cryptocurrencies in the third vote, with a 101-42 vote.
The bill will establish a new special fund called the “Texas Strategic Bitcoin Reserve.” This will be managed by the Secretary of State to invest in crypto assets with a market value of at least $500 billion.
By law, Texas’ strategic Bitcoin reserve will focus solely on large, high-market cap cryptocurrencies. The fund aims to diversify the state’s financial assets, increase potential returns and increase the value of its digital assets.
The bill is currently awaiting approval from the governor of Texas. If signed by the governor, Texas will become one of the first states in the United States to allow direct cryptocurrency investments.
Bitcoin Price today broke the highest price record ever.
*This is not investment advice.