Texas Bitcoin Reserve Bill Nears Final Approval

Senator Charles Schwertner’s Texas Strategic Bitcoin Reserve Bill progresses toward final approval in the state legislature.

Texas’s Bitcoin Reserve Bill could shift state digital asset strategies, sparking market interest and possible policy adoption elsewhere.

The Texas State Legislature has advanced the Texas SB21 Bill Text and Provisions to a third reading. Senator Charles Schwertner leads the initiative, with Representative Giovanni Capriglione as the House sponsor. Both are acknowledged for their financial and technological legislative efforts.

The bill proposes a state Bitcoin reserve, backed by legislative appropriations, investment returns, and donations. The legislation limits eligibility to digital assets surpassing a $500 billion market cap for 12 months. Bitcoin is the only current contender.

The establishment of a Bitcoin reserve could elevate Texas as a national leader in crypto adoption. It may increase Bitcoin’s demand and inspire other states to consider similar measures. The Texas Comptroller will manage the reserve, ensuring all assets are kept in cold storage for security.

Following successful implementations in New Hampshire and Arizona, Texas could solidify its pioneering role in state-level digital asset management. Expert Dennis Porter emphasizes potential growth in strategic reserves, while Scott Melker notes overwhelming legislative support.

“The Texas Strategic Bitcoin Reserve bill has passed the second reading with overwhelming support. It now awaits a third and final House vote before heading to the governor.” — Scott Melker

An approved reserve could attract significant institutional investments in Bitcoin, influencing market dynamics. Analysts expect positive market sentiment and possible upticks in Bitcoin’s value following state-backed purchases. A broader implementation could alter the financial landscape.