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The Daily Hodl 2025-02-17 19:41:44

Texas Senate to Hold Hearing on Establishing Strategic Bitcoin (BTC) Reserve

Texas Senate to Hold Hearing on Establishing Strategic Bitcoin (BTC) Reserve

The Texas Senate will convene a public hearing tomorrow to discuss the establishment of a Strategic Bitcoin ( BTC ) reserve. The initiative, authored by Republican Texas state Senator Charles Schwertner, aims to diversify the state’s cash reserves by incorporating Bitcoin holdings. The proposed legislation would authorize the state comptroller to invest in cryptocurrencies, provided they meet certain criteria. At time of writing, Bitcoin is the only cryptocurrency with a market capitalization larger than $500 billion over the past 12 months, making it eligible for the reserve. In Georgia, Senate Bill 178 was recently introduced, according to reports . Should the legislation become law, it would allow the state treasurer to invest up to 5% of state funds in BTC. Some states like Wisconsin have already been holding BTC-based products for some time. While state legislators make moves to adopt Bitcoin, The Trump administration’s Crypto Czar David Sacks says the federal government is also taking a look at it. Sacks said the President’s new working group on digital assets will first consider whether the US government should hold Bitcoin as a strategic reserve asset. “One of the things that the President instructed us to do was to evaluate the idea for a Bitcoin reserve. So that is one of the first things we’re going to look at as part of the internal working group of the administration. So as soon as we get all that set up – we’re still waiting for some cabinet secretaries who are on the working group to get confirmed. So we’re still in the very early stages of this. But that’s one of the first things we’re going to look at, is the feasibility of a Bitcoin reserve. I think the concept of the sovereign wealth fund is a little separate.” Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post Texas Senate to Hold Hearing on Establishing Strategic Bitcoin (BTC) Reserve appeared first on The Daily Hodl .

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