According to PANews, Texas is set to create a state-managed fund to hold Bitcoin and other cryptocurrencies. The Texas Comptroller will oversee this reserve, which will maintain a cryptocurrency market value of at least $500 billion and be eligible for state budget allocations. Additionally, a Strategic Bitcoin Reserve Advisory Board has been established to provide guidance on managing the fund, with a requirement to report its holdings biennially.
Previously, the Texas Senate passed Bill SB 21, which would allow the state to invest a portion of public funds in digital assets, particularly Bitcoin. The bill still requires approval from the House and the governor's signature to become law.