- Texas filled new Bitcoin bill SB 21
- This expands the use of Bitcoin for the state
- It also suggests the use of other digital assets as well
- Financial experts can play a bigger role in decision-making
Texas continues its active pro-crypto movements ahead of national initiatives. They refiled Bitcoin bill SB 21, significantly expanding the state’s Bitcoin options.
In addition to Bitcoin accumulation, it proposes other cryptocurrencies and provides for active investment and a greater role for financial experts than just state officials in decision-making.
More About Texas Bitcoin Bill SB 21
As a reminder, this is not the first time Texas has played ahead and Senator Charles Schwertner has filed SB 778, which proposed to establish the first state-level Bitcoin Reserve.
However, SB 21 which he filed yesterday significantly expands that initiative, offering additional opportunities for the state in an era of pro-active adoption of digital assets. Charles Schwertner also thanked Lieutenant Governor Dan Patrick for prioritizing the bill among the Senate’s top 40 legislative measures.
However, what changes does SB 21 make relative to SB 778? First, it proposes to consider not only Bitcoin, but also other cryptocurrencies, but their capitalization should be $500B for the last twelve months.
Also, unlike SB 778, which was only intended to allow for Bitcoin accumulation, Charles Schwertner amended it “for the purpose of investing in cryptocurrency and the investment authority of the comptroller of public accounts over the reserve and certain other state funds.”
Another key governance edit is the use of financial experts and analysts to manage the reserve, while SB 778 suggests decision-making is largely reliant on state legislators with stricter security, oversight, and funding rules.
Conclusion
There will undoubtedly be sides for and against this decision. Some may say that they don’t like the state to turn the reserve into an investment instrument, while others may say that they want the state to unlock the full potential of digital assets beyond mere accumulation.
It’s also impossible not to mention that this seems to coincide with Donald Trump’s approach of giving broad authority to industry experts in government decision-making, as we see in the example of Elon Musk. And of course, this too can cause people to have inconsistent sentiments.
However, the fact remains that there is an active drive to adopt Bitcoin and develop these initiatives towards other cryptocurrencies, thereby potentially elevating the entire Web3. However, the specific direction of this remains to be seen, and there are still many scenarios as to what this may ultimately look like.
Likely, the streamlining of government audits will still continue, although such rapid measures can raise concerns about it. Be aware and stay tuned for updates on the rapidly reshaping crypto landscape.
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