Texas Adopts Legislation for Bitcoin Reservoir
In a significant move towards digital currency adoption, three US states – Texas, New Hampshire, and Ohio – have taken steps to establish Bitcoin reserves.
Leading the way is New Hampshire, where Republican Governor Kelly Ayotte made the Bitcoin reserve bill effective on May 5. The Granite State can invest up to 5% of its state fund assets in cryptocurrencies or precious metals, following a market capitalization threshold of $500 billion, similar to the criteria in Texas.
Texas, the largest Bitcoin mining location in the US and boasting an economy comparable to countries like the UK, has also jumped on the Bitcoin bandwagon. Governor Greg Abbott signed the Texas Strategic Bitcoin Reserve and Investment Act (SB 21) into law, establishing a separate crypto reserve fund managed by the Comptroller of Public Accounts. The Lone Star State will invest in Bitcoin assets that have had an average market capitalization of over $500 billion in the past 24 months, with Bitcoin being the only asset meeting this criterion currently.
The extent of Texas' Bitcoin investments remains unclear, but the Texas Blockchain Council's founder and president, Lee Bratcher, predicts that the state will invest several million dollars in Bitcoin.
Ohio, following in the footsteps of its neighbouring states, has also shown interest in cryptocurrencies. However, unlike Texas and New Hampshire, Ohio's approach is more passive, focusing on the acceptance of Bitcoin for tax payments and the creation of a framework for building a crypto reserve through the claim of "abandoned" digital assets.
Meanwhile, the focus at the federal level is on the HR 5166 bill for a Strategic Bitcoin Reserve, with no specific other US states having introduced legislative initiatives for creating a Bitcoin reserve, as of current search results.
In contrast, several other states have shown less enthusiasm for the idea of a Bitcoin reserve, with many bills failing before reaching the governor's desk. A recent law passed in the small state of Connecticut explicitly prohibits the establishment of a crypto reserve.
A total of 40 Bitcoin reserve bills have been introduced in 26 states, with 20 still active. Arizona, for instance, has created a framework for building a crypto reserve, but only through the claim of "abandoned" digital assets.
As the world of cryptocurrency continues to evolve, it will be interesting to see how these state-level initiatives develop and influence the broader adoption of digital currencies.
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