Texas State Representative Reintroduces Bitcoin Reserve Bill, Expanding to Include Other Cryptocurrencies

On February 14th, a Texas legislator has reintroduced a bill which is intended to establish a strategic Bitcoin reserve and is now named SB 21, enabling investment in additional cryptocurrencies. Senator Charles Schwertner announced this bill on February 12th, highlighting that it would make the state the first to set up a cryptocurrency reserve, potentially promoting innovation and "financial freedom." This new legislation is based on SB 778, an old bill introduced in January this year, which mainly targeted Bitcoin. The SB 778 bill restricted the state government to only purchasing and holding Bitcoin and not using it for other operations. In contrast, the SB 21 bill expands the scope by allowing investment in cryptocurrencies with a market value of at least $5 billion held throughout the year. Currently, however, Bitcoin is the only cryptocurrency that meets this criterion. (Jinse)