Both the Texas House and Senate approved SB21, which aims to create a Strategic Bitcoin Reserve in the state. SB21 was passed by local legislators following a 24-7 vote margin, clearing the bill to head to the Governor’s desk.
Last week, SB21 passed its second House reading and subsequent final reading. This led it back to the Senate where it underwent final approval and consensus. However, the Senate did not accept SB21’s amendments.
From this, the Conference Committee of House and Senate members was formed to address some tenets of SB21. Namely, the committee members had to check and resolve the different versions of the bill from the two chambers.
After a number of days, the Conference Committee members successfully reconciled the House and Senate versions of SB21. Both House and Senate members approved the compromised bill, which then proceeded to a final vote in both chambers.
The legalization of this new bill could positively impact the state and its gambling industry offering online casinos.
SB21 had Landslide Turnout on House and Senate Vote
The House vote tallied 110-25 in favor for adopting the Conference Committee report in the Strategic Bitcoin Reserve bill. Meanwhile, the Senate vote was also decisive, with 24 Senators voting in favor to seven no votes.
During floor proceedings, Senator Schwertner confirmed the motion passed and emphasized the law establishing the Texas Strategic Bitcoin Reserve. He added the state Comptroller of Public Accounts would manage the fund as a dedicated state-administered reserve.
The approval of both the House and Senate will now send SB21 to the Governor’s desk to legalize it.
Will Governor Greg Abbott Approve the Strategic Bitcoin Reserve Bill?
Texas Governor Greg Abbott is expected to sign Senate Bill 21 (SB21), establishing the Texas Strategic Bitcoin Reserve. This move could position Texas as a leader in state-level cryptocurrency adoption, following similar initiatives in Arizona and New Hampshire.
The legalization of SB21 may positively impact Texas’ crypto casinos and online gambling industry. By integrating cryptocurrency into state operations, it could encourage regulatory frameworks that support digital asset-based gaming platforms, potentially attracting new investments and enhancing economic growth in the sector.