Texas BTC reserve proposal passes 9-0; what’s next?

Compiled by: Blockchain Knight

The Texas BTC reserve proposal was unanimously passed by the Commerce and Trade Committee and will be submitted to the Senate for a vote next.

However, several similar bills in other Republican-controlled states have been easily rejected. Even in Texas, there is not unanimous support within the Republican Party, and the proposal may not pass in the Senate.

Can Texas pass the BTC reserve proposal?

Several states in the United States are trying to pass their own BTC reserve proposals, which, if passed, would make them major holders of BTC. When these proposals were first proposed, the Crypto community was ecstatic because it would bring up to $23 billion in new BTC acquisitions.

Now, thanks to a Texas committee, another BTC reserve effort has made progress.

Local reporter Brad Johnson said: "The committee alternative version of Senate Bill 21 (the BTC reserve proposal) has just passed the Commerce and Trade Committee with a unanimous vote of 9. The strategic BTC reserve proposal will be submitted to the full Senate for consideration." 

When a proposal passes a committee vote, it means that a small group of legislators who specialize in studying the issue (in this case, the Commerce and Trade Committee) have reviewed it and unanimously agreed that it deserves further consideration.

After the proposal passes the committee stage, it will be submitted to the full Senate for consideration.

At that time, all senators will debate and vote on it. If a majority of senators support the proposal, it has the potential to become law further.

This news in Texas is particularly gratifying because it is a new victory in all BTC reserve legislative efforts. At the beginning of the month, these proposals had strong momentum, and Utah made significant progress.

However, Montana rejected its own reserve proposal, and several other Republican-controlled states followed suit. In other words, this is the first major crack in Crypto's emerging political alliance.

Texas's position in the BTC reserve race. Source: BTC Legal Information Network

The new lieutenant governor of Texas strongly supports the BTC reserve proposal, which undoubtedly increases its chances of passage. Despite strong support from a senator from Wyoming, the state's legislative efforts failed to pass committee deliberations.

A key factor that may help the bill pass is that Texas is one of the largest BTC mining centers in the United States. At present, the bill does not explicitly require Texas to purchase these assets from local businesses, but it is entirely possible to do so.

 However, it is frustrating that proposals in several Republican-controlled states have been rejected one after another recently. Whether the bill can be passed is still pending.