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Texas Commits to Bitcoin: First US State to Launch Official BTC Reserve Fund
In a groundbreaking move, Governor Greg Abbott has signed Senate Bill 21 into law, effectively making Texas the first U.S. state to launch an official Bitcoin reserve fund. This bold initiative positions the Lone Star State at the forefront of crypto adoption in the United States.
The legislation enables Texas to treat Bitcoin not only as a speculative asset but also as a fundamental part of its monetary policy. By doing so, it acknowledges that Bitcoin can serve as a hedge and economic resilience instrument amidst concerns about inflation and economic uncertainty.
The bill explicitly outlines that the reserve will operate independently from the state treasury, emphasizing its unique and protected status. Furthermore, it mandates investment only in digital assets with an average 12-month market cap of $500 billion or more, effectively limiting inclusion to Bitcoin at this time.
In terms of governance, fund administration, and oversight, the Texas Comptroller of Public Accounts will be responsible for overseeing the Texas Strategic Bitcoin Reserve. The reserves’ activities, including the purchase, retention, and sale of assets, are conducted in a manner consistent with the fiduciary standards of care, ensuring transparency and accountability.
The reserve’s structure is designed to guarantee its independence, separating it from the state treasury. This move allows for greater flexibility and autonomy in managing the fund, while also fostering innovation in the space.
Source: www.cryptoninjas.net
