Lt. Gov. Dan Patrick issued a statement following the bipartisan approval of Senate Bill 21, which establishes the Texas Bitcoin Reserve. The bill was introduced by Sen. Charles Schwertner, R-Georgetown.

Patrick highlighted former President Trump's ambition to position the United States as a leader in cryptocurrency. "President Trump has stated unequivocally that he intends to make the United States the cryptocurrency capital of the world," Patrick said. He added that Trump's leadership has facilitated rapid innovation in digital assets, with Texas at the forefront.

Patrick emphasized his commitment to prioritizing a Texas Bitcoin Reserve to reinforce the state's leadership in digital technology. "I promised to make a Texas Bitcoin Reserve a priority to solidify Texas’ leadership in the digital age," he said. He noted that SB 21 received support from both Republicans and Democrats, describing Bitcoin as "digital gold" due to its limited supply and decentralized nature.

He further remarked on the significance of this initiative for other states: "Creating the Texas Bitcoin Reserve is a bold step for other states to follow." Patrick expressed his alignment with Trump's vision and his hope for Texas to become central to America's digital future.

Senate Bill 21 mandates that the Texas Comptroller administers the reserve, which will include Bitcoin and other cryptocurrencies with a market capitalization of at least $500 billion. The bill allows for appropriations into this fund through budget allocations.

Additionally, SB 21 establishes a Strategic Bitcoin Reserve Advisory Committee tasked with providing guidance on managing the reserve. A biennial report detailing its holdings will also be required.

Information from this article can be found here.