The recent rumor circulating online about the Texas Senate passing an “XRP Reserve Bill” has caused quite a stir. However, it is essential to separate fact from fiction to understand the truth behind this claim.
What Really Happened
On September 27, the Texas Senate did approve Senate Bill 21, which indeed creates the Texas Strategic Bitcoin Reserve. This legislation allows the state to invest in cryptocurrencies, but with a specific focus on those with a market capitalization exceeding $500 billion. As of now, Bitcoin is the only asset that meets this requirement.
No Mention of XRP in the Law
It is crucial to note that the text of SB 21 does not mention XRP or any other altcoin. The legislation is solely centered around Bitcoin and its recognized role as a digital store of value. Any suggestions or reports indicating that Texas will be purchasing XRP or establishing a state-backed XRP reserve are unfounded and lack official backing.
Background
In the past, the Trump administration had put forth plans for a US Strategic Bitcoin Reserve and a Digital Asset Stockpile comprising of altcoins. The Strategic Bitcoin Reserve would primarily consist of BTC seized by the US government and held by the Treasury. Additionally, the Digital Asset Stockpile, composed of altcoins, would be sourced from crypto seized in illicit activities.
Clarifying previous confusion, Trump had mentioned on social media that XRP, SOL, ADA, ETH, and BTC would be part of the reserves. However, experts believe this was likely a reference to the top altcoins by market cap, and it remains uncertain if the government currently holds all these cryptocurrencies.
Verdict
In conclusion, the assertion that Texas has passed an XRP Reserve Bill is inaccurate. The state has indeed approved a Strategic Bitcoin Reserve, emphasizing Bitcoin over other cryptocurrencies. Any reports indicating otherwise should be regarded as false information.
For more updates and accurate information on cryptocurrency legislation, stay tuned to reliable sources and official documents. It is crucial to verify the authenticity of claims before spreading misinformation.