PANews reported on March 9 that according to Bitcoin.com, the SB 21 bill previously passed by the Texas Senate is currently awaiting approval by the House of Representatives. The SB 21 bill provides for the creation of a state-managed fund to hold Bitcoin and other cryptocurrencies. The Texas Comptroller will be responsible for overseeing the reserve, which will hold cryptocurrencies with a market value of at least $500 billion and will be eligible for state budget appropriations. In addition, a Strategic Bitcoin Reserve Advisory Committee has been established to provide guidance for the management of the fund and requires a report on its holdings every two years.

Earlier news , the Texas Senate passed SB 21, which will allow the state to invest part of its public funds in digital assets, especially Bitcoin. The bill still needs to be approved by the House of Representatives and signed by the governor to become law.