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GENIUS Act

Texas Advances SB21: Strategic Bitcoin Reserve Bill Officially Passed

Ronaldo Marquez
by Ronaldo Marquez
4 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a historic day for crypto regulation and adoption, the Texas House has passed the Texas Strategic Bitcoin Reserve and Investment Act, known as SB21. Coinciding with this legislative milestone, Bitcoin (BTC) achieved a new all-time high (ATH), reaching a record of $111,900 in the early hours of Thursday. 

Strategic Bitcoin Reserve Bill Moves To Governor

The bill, which successfully passed its critical House vote and third reading, is now headed to the Governor’s desk for final approval. If signed into law, Texas will join the ranks of other states that have established a Strategic Bitcoin Reserve, including New Hampshire and Arizona. 

Related Reading: BREAKING: Historic $109,500 Bitcoin High: Here’s What Analysts Predict Next

Authored by state Senator Charles Schwertner, SB21 establishes a Bitcoin reserve managed by the state’s controller. The legislation authorizes the comptroller to invest in cryptocurrencies with a market capitalization exceeding $500 billion over the past year. 

State Representative Giovanni Capriglione emphasized the bill’s significance, stating that it represents a “pivotal moment in securing Texas’s leadership in the digital age.” He highlighted the importance of embracing modern assets that carry traditional value for future growth.

BTC’s Ascent To Record Levels

Alongside this legislative progress, Bitcoin’s surge to a record high reflects a wave of optimism surrounding cryptocurrency legislation in the United States. The recent spike in Bitcoin’s price follows increased bipartisan support among US policymakers for a bill regulating stablecoins—digital currencies pegged to the dollar. 

This development has generated renewed hopes for regulatory clarity in the cryptocurrency sector, which also benefits Bitcoin and its peers, despite its lack of direct ties to the dollar.

Moreover, Bitcoin’s ascent can be attributed to a more favorable macroeconomic environment. As tensions between the US and its key trading partners have eased, investors have shown a greater appetite for riskier assets, contributing to BTC’s price resurgence. 

Related Reading: Ripple Issues Stern Warning To Investors As CEO Celebrates New XRP Milestone

The cryptocurrency broke back through the symbolic $100,000 threshold on May 8, marking its first return to this level since February, following the announcement of a trade deal between the UK and the United States.

Bitcoin
The daily chart shows BTC’s surge to a new record peak on Wednesday. Source: BTCUSDT on TradingView.com

This led to gains of over 24% in the monthly time frame for BTC, following a steep drop toward $74,000 last month. However, during the same period, Bitcoin’s performance was outpaced by Ethereum (ETH), the largest altcoin in the market, whose price surged by 57% in the last 30 days alone.

Unlike Bitcoin, however, Ethereum’s price is still 49% below its record high of $4,878, which was reached during the last bullish cycle in 2021. Currently, Ethereum is trading at $2,476.

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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