#Texas Senate passes Bitcoin reserve bill, New York targets memecoin rug pulls: Law Decoded

The Texas Senate passed its Bitcoin strategic reserve bill SB-21 on March 6, leaving it one step away from becoming law.

The Texas Senate passed the Bitcoin strategic reserve bill SB-21 on March 6. This followed a debate in which State Senator Charles Schwertner, who introduced the bill, argued that it would help Texas add a valuable and scarce asset to its balance sheet.

Amid fears of Bitcoin (BTC) contending against the US dollar as a global reserve currency, Pro-Bitcoin lawmakers argued that Bitcoin was similar to gold and a hedge against inflation.

If SB-21 is enacted, Texas will be the first state in the US to have a digital asset reserve. However, the governor must still sign the bill before it becomes law.

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