Translated by: Blockchain Knight

Texas's BTC reserve proposal was approved unanimously by the Commerce and Trade Commission and will be submitted to the Senate for a vote.

However, in other Republican-controlled states, several similar bills have been easily rejected. Even in Texas, there is no unanimous support within the Republican Party, and the proposal may not be passed in the Senate.

Can Texas pass the BTC reserve proposal?

Several U.S. states are trying to pass their respective BTC reserve proposals, which, once passed, will become the main holders of BTC. When these proposals were initially proposed, the Crypto community was ecstatic as it would bring up to $23 billion in new BTC acquisitions.

Now, another BTC reserve effort has made progress thanks to a Texas committee.

Local journalist Brad Johnson said: "The committee alternative version of Senate Bill 21 (i.e., the BTC Reserve Proposal) has just passed the review of the Commerce and Trade Commission with a 9 vote. The strategic BTC Reserve Proposal will be submitted to the Senate for consideration."

When a proposal passes through the committee, it means that a small group of lawmakers specializing in the topic (here, the Commerce and Trade Commission) have reviewed it and agreed that it deserves further consideration.

After the proposal passes the committee stage, it will be submitted to the whole Senate for consideration. By then, all senators will debate and vote on it. If most senators support the proposal, it has the potential to become law further.

This news in Texas is particularly comforting as it is a new victory in all BTC reserve legislation efforts. At the beginning of the month, the proposals were strong and Utah made significant progress.

However, Montana rejected its own reserve proposal, followed by several other Republican-controlled states. In other words, this is the first major rift in the emerging Crypto alliance.

Texas' position in the BTC reserve race. Source: BTC Legal Information Network

The new Texas lieutenant governor strongly supports the BTC reserve proposal, which undoubtedly increases its chances of passing. Despite strong support from a Wyoming senator, the state's legislative efforts failed to pass the committee's consideration.

A key factor that may help the bill pass is that Texas is one of the largest BTC mining centers in the United States. At present, the bill does not explicitly require Texas to purchase these assets from local businesses, but it is entirely possible to do so.

However, at present, the recent recent rejection of proposals for multiple Republican-controlled states is frustrating. Whether the bill can be passed remains pending.