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Senate committee hears hours of testimony on Texas 'Bitcoin Strategic Reserve' bill
Summary
Supporters told the Senate Committee on Business & Commerce that Senate Bill 21 would give Texas a hedging asset and advance innovation; opponents raised cybersecurity, energy and fiduciary concerns. Public testimony closed and the bill was left pending.
The Senate Committee on Business & Commerce heard hours of public testimony on Senate Bill 21, the Bitcoin Strategic Reserve bill, with proponents urging the state to adopt Bitcoin as a long-term reserve asset and opponents warning of security, energy and fiduciary risks.
Lee Bratcher, representing the Texas Blockchain Council, told the committee that the bill would extend Texas’ leadership in “industry, energy and innovation,” and that “Bitcoin is backed by the insights from Austrian economics around monetary scarcity.” He said private companies and individual Texans have signaled willingness to donate varying amounts of Bitcoin and that the bill empowers the comptroller’s office to issue an RFP for “institutional grade qualified custodians.”
The b…
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