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Texas signs Bitcoin reserve bill, becoming the third state in the U.S. to hold BTC reserves.
On June 22, Texas Governor Greg Abbott signed the Bitcoin Reserve Act SB 21, making it officially law.
Texas is now the third state to hold Bitcoin reserves.
Texas Lieutenant Governor Dan Patrick announced that the Texas Strategic Bitcoin Reserve Act has gained bipartisan support, which will create a state-managed fund that will only invest in cryptocurrencies with an average market capitalization of at least $500 billion over the past 12 months and qualify for state budget allocations. Additionally, the act establishes a Strategic Bitcoin Reserve Advisory Committee to provide guidance for fund management and requires a report on holdings to be submitted every two years.