On June 22, the Governor of Texas – Mr. Greg Abbott – officially signed and issued the Bitcoin Reserve Law SB 21, legalizing the state's holding of BTC as part of the government's reserve assets.
With this move, Texas has become the third state in the United States to store BTC in its financial reserve, following Wyoming and Utah. The SB 21 law marks an important step in legalizing and affirming the role of BTC as a legitimate reserve asset at the state government level in the US.
Texas – one of the largest economic states in the United States – officially accepting BTC in its financial reserves not only demonstrates the increasing trend of cryptocurrency acceptance in the public system but can also create a premise to encourage other states to follow. This move also helps consolidate Texas's position as a cryptocurrency-friendly center, as it has long been a top destination for BTC mining activities due to low electricity costs and blockchain technology-supportive policies.
