Lieutenant Governor Dan Patrick plans Texas Bitcoin Reserve for 2025
It is important to note that the plan highlights Texas’ continued efforts to include Bitcoin into its financial strategy and to reinforce the state’s reputation as a blockchain-friendly state.
Over the course of the past four years, the Texas Senate has maintained its position, fighting back against the disastrous agenda that President Biden has been pursuing,” Patrick stated. Thanks to the return of President Trump to the White House, the state of Texas now has a friend in the White House.
Tensions have arisen between cryptocurrency miners and the government in the state of Texas, as evidenced by a recent lawsuit filed by a mining company, Lejilex, against the Securities and Exchange Commission (SEC) about cryptocurrency legislation and token classification.
In February of 2024, the Texas Blockchain Council and Riot Platforms filed a lawsuit against the United States Department of Energy, the Environmental Protection Agency, and the Office of Management and Budget, disputing the emergency data gathering on the energy use of cryptocurrency mining.
It appears that the acts violate the Paperwork Reduction Act and indicate regulatory overreach by the Biden presidency. When it comes to its initiatives, Texas is not alone. Recent events in Arizona have resulted in the approval of Senate Bill 1025, also referred to as the “Arizona Strategic Bitcoin Reserve Act.”
State Senator Wendy Rogers and Representative Jeff Weninger are the co-sponsors of the bill that would enable the state to invest up to ten percent of its public finances, which would include reserves from the state treasury and retirement system, in Bitcoin and other digital assets.
In Arizona, the bill was approved by a vote of 5-2, and it will now be referred to the Senate Rules Committee before being put to a vote by the entire Senate.
The state of Arizona would join the state of Texas in establishing Bitcoin as a strategic financial asset at the state level if the bill succeeds. There is a growing tendency among states in the United States that are attempting to include cryptocurrencies into their financial frameworks, and these initiatives represent that trend.
