🎉 #Gate xStocks Trading Share# Posting Event Is Ongoing!
📝 Share your trading experience on Gate Square to unlock $1,000 rewards!
🎁 5 top Square creators * $100 Futures Voucher
🎉 Share your post on X – Top 10 posts by views * extra $50
How to Participate:
1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
Note: You may submit the form multiple times. More posts, higher chances to win!
📅 End at: July 9, 16:00 UTC
Show off your trading on Gate Squ
Texas pioneers with a $10 million independent Bitcoin reserve fund
Texas Leads U.S. State-Level Bitcoin Reserve Trend, Allocates $10 Million to Establish Independent Fund
Recently, Texas became the first state in the United States to establish an independent Bitcoin reserve fund supported by public funds. The governor signed the SB 21 bill and allocated $10 million for the purchase of Bitcoin over the next two years. This fund will be managed by the state comptroller and will be set up outside of the state treasury system.
At the same time, the signing of Bill HB 4488 ensures that the fund will not be affected by the state's periodic financial reallocations, and even if no Bitcoin has been purchased before next summer, the legal status of the reserve fund will continue to exist.
The SB21 bill believes that Bitcoin and other cryptocurrencies have strategic potential to enhance the fiscal resilience of Texas and can serve as tools against inflation and economic fluctuations. The bill stipulates the management of the reserve fund, the scope of asset use, and investment standards. The comptroller can invest, exchange, sell, manage, or hold based on the standards of a prudent investor.
At the execution level, the Comptroller may enter into contracts with qualified custodians possessing cold wallet security custody technology and qualified liquidity providers assisting in asset purchase management. In addition, if beneficial for reserves, the Comptroller may also use derivatives.
Congressman Giovanni Capriglione, who participated in the drafting of the bill, stated that the strategic Bitcoin reserves are functionally complementary to the existing precious metal reserves. They both provide a scarce, valuable resource that can be transferred between individuals and are effective means of combating inflation.
Zack Shapiro, a lawyer at the Bitcoin Policy Institute, pointed out that the core significance of strategic Bitcoin reserves lies in preserving the value of public funds, combating inflation, and ensuring that state governments can fulfill their obligations in the future. There are significant differences in the fiscal structures of various states; some states wish to integrate Bitcoin into their existing investment portfolios or try more cutting-edge financial instruments.
Lee Bratcher, the chairman of the Texas Blockchain Council, revealed that they are assisting crypto companies in establishing connections with the Texas Treasury Trust. They will subsequently initiate a public and transparent bidding process. They hope that the Comptroller's office can directly custody the physical Bitcoin and manage the private keys, rather than simply purchasing an ETF.
With Texas taking the lead, other states in the U.S. are also accelerating the review of various Bitcoin reserve bills. This state-level "policy laboratory" model is exploring new possibilities for the application of Bitcoin in the public finance sector.