Texas Sen. Charles Schwertner introduced a bill to create the Texas Strategic Bitcoin Reserve, allowing the state comptroller to invest state funds in certain cryptocurrencies, particularly Bitcoin, as a hedge against inflation and economic volatility.
Lawmakers in the Texas Senate are looking to diversify the state's cash reserves into something a little more digital.Sen. Charles Schwertner introduced a bill on Wednesday that would create the Texas Strategic Bitcoin Reserve.The bill would not only establish a bitcoin reserve for the state, but also direct the comptroller's office to form a five-person committee to oversee the reserve.
There is no time frame listed for how long assets must be held in the reserve before it can be resold or spent, though it does say that crypto held in the reserve can be temporarily moved to the state treasury if needed.Just after he returned to office, President Donald Trump signed an executive order that seeks to clarify regulations in the crypto industry.
CRYPTOCURRENCY BITCOIN TEXAS LEGISLATION FINANCE
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