A False Rumor: Texas Senate Did Not Pass an XRP Reserve Bill
A rumor has been circulating online claiming that the Texas Senate passed an “XRP Reserve Bill” that would require the state to purchase up to $100 million worth of XRP each year. This claim is false.
The Truth Behind the Rumor
On September 27, the Texas Senate approved Senate Bill 21, which actually establishes the Texas Strategic Bitcoin Reserve. This legislation allows the state to invest in cryptocurrencies, but with a market capitalization above $500 billion, which currently only applies to Bitcoin.
No Mention of XRP in the Legislation
The SB 21 text does not mention XRP or any other altcoin. It solely focuses on Bitcoin and acknowledges its role as a digital store of value. Claims about Texas intending to buy XRP regularly or set up a state-backed XRP reserve are not substantiated by any official sources.
Insight into the Background
Previously, the Trump administration announced plans for a US Strategic Bitcoin Reserve and a Digital Asset Stockpile comprising altcoins.
The Strategic Bitcoin Reserve is said to start with BTC seized by the US government and held by the Treasury. The Treasury Secretary and Commerce Secretary will explore options to increase the reserve without impacting taxpayers, potentially through transfers from other federal agencies.
Conversely, the Digital Asset Stockpile, holding only altcoins seized from illicit activities, will not see additional altcoins added unless from future seizures.
Confusion arose when Trump mentioned XRP, SOL, ADA, ETH, and BTC as part of the reserves. Experts clarified that this likely referred to top altcoins by market cap, with uncertainty about the government’s current holdings of these cryptocurrencies.
Final Verdict
Any claims of Texas passing an XRP Reserve Bill are inaccurate. The state has indeed approved a Strategic Bitcoin Reserve, not an XRP reserve. Reports suggesting otherwise are simply not true.
