Texas | Crypto

Governor Greg Abbott signed a bill into law allowing Texas residents to use the precious metals for “day-to-day financial transactions” starting in May 2027. Some Texas residents are already expressing skepticism about a recently passed law recognizing gold and silver as legal tender in the state, as well as “the establishment of a transactional currency” based on the precious metals. In a Sunday X post, Texas Governor Greg Abbott announced that he had signed House Bill 1056 into law after passage in the state House of Representatives and Senate. The bill, expected to take effect on May 1, 2027, amends the state government code to recognize gold and silver as legal tender and for residents to use them in everyday transactions based on the comptroller’s determined value at the time. Abbott cited a clause of the US Constitution stating no state shall “make any thing but gold and silver coin a tender in payment of debts,” though the law would not prohibit Federal Reserve notes or other US currency for use as leg...

Texas Governor Greg Abbott signed the “Bitcoin Reserve Bill” SB 21 into law on June 21, allowing the state to invest an unlimited amount of money from the state’s fund into Bitcoin (BTC). SB 21 creates the Texas Strategic Bitcoin Reserve and lets the Comptroller buy BTC so long as the asset’s market cap exceeds […] The post Texas could potentially invest up to $2.1B in Bitcoin if it allocates 10% of its treasury fund appeared first on CryptoSlate.

Texas is now legally empowered to build its own Bitcoin reserve funded with taxpayer dollars before the federal government takes any comparable action. Governor Greg Abbott on Saturday signed Senate Bill 21, a law that explicitly allows the state to buy and hold Bitcoin and other top-tier cryptocurrencies. The measure passed the Texas House and […] The post Texas to buy Bitcoin for state reserves long before Trump’s Bitcoin reserve delivers appeared first on CryptoSlate.

Texas becomes the first US state to commit public funds to a standalone Bitcoin reserve, aiming to treat BTC as a long-term strategic asset. Texas Governor Greg Abbott has signed Senate Bill 21 (SB21), officially authorizing the creation of the Texas Strategic Bitcoin Reserve, a state-managed fund that will hold Bitcoin as part of the state’s long-term financial assets. The newly established reserve operates independently of Texas’ general treasury system and aims to strengthen the state’s financial resilience while serving as a potential hedge against inflation, according to the bill text. Furthermore, only assets with a market capitalization exceeding $500 billion are eligible for inclusion, a threshold currently met only by Bitcoin (BTC). Read more

Governor Greg Abbott posted to his official X account on May 22, roughly a day after the legislature passed a bill to create a strategic Bitcoin reserve in Texas. Texas Governor Greg Abbott has signaled support for a bill recently passed by the state House of Representatives that would establish a strategic cryptocurrency reserve. In a May 22 X post, Abbott posted a Techstory article about Texas state lawmakers’ efforts to create a Bitcoin (BTC) reserve. The story pointed out that the decision for the passage of SB 21, the bill in question, now rests on Abbott’s shoulders, roughly three months after it was introduced.  Since taking office, Abbott referred to himself as a “crypto law proposal supporter” in 2021 and suggested that he would support policies to establish Texas as a “crypto capital” in 2024. Texas was one of a handful of state-level governments that proposed setting up a strategic crypto reserve after the 2024 federal elections.    Read more

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