Republicans want to stamp the State of Texas’ seal on Bitcoin by creating a “strategic reserve” that could use taxpayer dollars to purchase cryptocurrency.
This latest of pet issues advanced by the crypto crew has somehow won priority status on Lieutenant Governor Dan Patrick’s biennial honey-do list. Governor Greg Abbott even suggested interest, posting an emoji on X expressing ocular intrigue as the Senate bill was filed in early February.
The push is led by GOP Senator Charles Schwertner, the author of Senate Bill 21, dubbed the “Texas Strategic Bitcoin Reserve and Investment Act,” which would prop up the state crypto reserve. As chair of the Senate Committee on Business and Commerce, which has broad purview over the financial industry, Schwertner made his bill the first to get a full hearing this session before his powerful panel. The committee, made up of seven Republicans and four Democrats, unanimously passed an amended version of the bill on Thursday, setting it up for a vote on the Senate floor.
