Several American states are closer to the establishment of public money in the efforts of cryptocurrencies, stimulated by President Donald Trump since he announced his intention to do the same at the federal level. And Texas is now among the main contenders.
Thursday, the Senate of the State of Texas adopted the so-called SB 21 bill which would allow the State to invest part of the public money in digital assets, in particular Bitcoin (BTC).
Bitcoin, according to a press release from the Texas senator, Charles Schwertner, last week, “turned out through several boom and bust cycles”, which makes it a great reserve asset in time of a “devastating national deficit” with “inflation and uncertainty”, as Schwertner described.
The New Hampshire also adopted a bill Wednesday through a State Chamber Committee, Bill 302 by a vote of 16-1, which would allow the State to invest up to 5% of public funds in Bitcoin as well as other precious metals. So, it goes forward, although it is a few votes from the finish line.
Almost a dozen states have made solid efforts to adopt a bill that would allow similar allowances, while at least five states have met with losses or votes that landed their bills.
Utah has so far been the favorite in various efforts and remains only one approval from the Senate to send a bill to the office of its governor. However, the legislative session expires this week, leaving a short time to bring the Senate to join the State House to approve an investment of up to 5% of certain public accounts in a digital asset with more than $ 500 billion in assets. (So far, it’s just bitcoin.)
If the Utah Senate acts on Friday, the last word goes to its republican governor, Spencer Cox, who supported blockchain politics in the past. Otherwise, UTAH’s efforts have been pushed another year, and other states such as Arizona and Texas could take the show.
The recent action comes after President Trump again discussed his own plan for a strategic cryptography reserve on Sunday. Trump said that a reserve of American strategic crypto could contain XRP, Solana (Sol) and Cardano (ADA) as well as Bitcoin and Ethereum (ETH), although many details of the effort and the way they are being executed are uncertain.
Many industry leaders have criticized Trump’s decision to hold other cryptocurrencies beyond Bitcoin, because it is the one that best corresponds to the characteristics of other reserve assets such as gold. The president, however, did not provide clear guidelines on the functioning of such a strategy – for example, how the government would get the tokens.
Read more: Utah one voting Away, but some states fail to unravel on cryptographic issues
