With bipartisan support of 25 votes in favor out of 30, the proposal now moves to the House of Representatives.
The Texas Senate has approved SB-21, a bill for the creation of a state Bitcoin reserve. The vote saw 25 senators in favor and 5 against, with strong bipartisan backing.
The proposal also received support from Democrats. According to legislative observers, of the 11 Democratic senators present, the majority voted in favor of the proposal.
“If there is similar cross-aisle support in the House, then the bill’s prospects for success are good,” commented Bitcoin Laws.
The bill, introduced by Senator Charles Schwertner, will now face a vote in the Texas House of Representatives, an assembly five times larger than the Senate, with 89 Republican members and 62 Democrats, before it can reach the Governor’s desk for final approval.
During a debate before the vote, Schwertner stated:
“I would argue, and put forth, that because of central intervention and manipulation of the supply of currency, in this case, the US dollar, the ability to spend money through printing money has caused the dollar to fall in value and fall in worth.”
