Lt. Gov. Dan Patrick’s statement on the bipartisan passage of Senate Bill 21: Establishing…
In a recent development in Austin, Lt. Gov. Dan Patrick expressed his support for the bipartisan passing of Senate Bill 21, which aims to Establish the Texas Bitcoin Reserve, led by Sen. Charles Schwertner. The Lt. Gov. highlighted President Trump’s ambition to position the United States as the epicenter of cryptocurrency globally. He commended Trump for his forward-thinking approach to Bitcoin and digital assets, emphasizing the role of Texas in this digital revolution.
Patrick emphasized his commitment to making a Texas Bitcoin Reserve a priority to solidify the state’s position as a leader in the digital sphere. With both Republican and Democrat support, the Texas Senate successfully passed SB 21, marking a significant milestone in the state’s journey towards embracing digital currency. Referring to Bitcoin as “digital gold,” Patrick underlined the importance of its limited supply and decentralized nature as valuable assets for Texas’ future growth.
The establishment of the Texas Bitcoin Reserve through Senate Bill 21 signifies a groundbreaking move that sets a precedent for other states to follow suit. Lt. Gov. Dan Patrick’s alignment with President Trump’s vision to propel Texas into the forefront of America’s digital future underscores the state’s commitment to embracing innovation.
Under the provisions of SB 21, the Texas Bitcoin Reserve will be administered by the Texas Comptroller and will include Bitcoin and other cryptocurrencies with a market capitalization exceeding $500 billion. The bill also allows for appropriations into the newly established fund, with provisions for budget allocations to support its operations.
Moreover, Senate Bill 21 outlines the formation of a Strategic Bitcoin Reserve Advisory Committee, tasked with providing expert guidance and recommendations for overseeing the reserve effectively. Additionally, the bill mandates the submission of a biennial report detailing the holdings and management of the Texas Bitcoin Reserve, ensuring transparency and accountability in its operations.
Overall, the passage of Senate Bill 21 marks a significant milestone in Texas’s journey towards embracing digital currency and solidifying its position as a frontrunner in the digital age. The establishment of the Texas Bitcoin Reserve reflects the state’s commitment to innovation and economic growth, paving the way for a future characterized by digital transformation and technological advancement. The collaborative effort between different political parties in passing SB 21 underscores the unified vision to position Texas as a pioneer in the realm of digital assets, in line with President Trump’s vision for America’s digital future.
