- Texas Senator Charles Schwertner announced a proposal for a state-level Bitcoin strategic reserve.
- Enacting SB 778 could position Texas as a leader in digital asset adoption.
Texas Senator Charles Schwertner has announced the submission of Bill SB 778, proposing the establishment of the first state-level Bitcoin strategic reserve in the United States. If passed, this legislation could position Texas at the forefront of the digital economy, fostering economic growth and enhancing financial freedom.
The bill likely outlines the establishment of the Texas strategic Bitcoin reserve, which would be a special fund outside the general revenue fund, managed by the state comptroller to hold Bitcoin as a financial asset.
Besides, the reserve aims to allow Texas to own Bitcoin as a financial asset and enable residents to donate Bitcoin to the state, promoting shared ownership and community investment in Texas’s financial future.
Moreover, for the administration and security, the comptroller would be responsible for implementing secure storage, management, and reporting systems for all Bitcoin held in the reserve.
If enacted, SB 778 could position Texas as a leader in digital asset adoption, potentially allowing the state to accept taxes and fees in Bitcoin. This initiative aligns with Texas’s status as the second-largest economy in the U.S. and its significant concentration of Bitcoin mining operations.
Recent Developments in Texas’s Bitcoin Landscape
A rule mandating bitcoin mining operations linked to the main electric grid in Texas to register with the state’s grid operator was enacted by the utilities’ regulator on Thursday.
The rule, mandated by lawmakers in a 2023 bill, requires crypto mining facilities that consume more than 75 megawatts of power to tell the Public Utility Commission and the Electric Reliability Council of Texas, which oversees the state’s power grid, the facility’s location, ownership and electricity demand.
Contrarily, MARA, a global leader in leveraging digital asset computing to support the energy transformation acquired a wind farm in Hansford County, Texas. It has an interconnection capacity of 240 MW and 114 MW of nameplate wind capacity.
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