Texas House committee advances $500 billion Bitcoin reserve bill

The Texas House Committee on Delivery of Government Efficiency passed Senate Bill 21 on May 7, moving the proposed Bitcoin (CRYPTO:BTC) reserve bill closer to a full floor vote.

The bill, which previously passed the Texas Senate by a 25-5 vote on March 6, was approved by the House committee in a 9-4 party-line vote without amendments.

Senate Bill 21 aims to establish the Texas Strategic Bitcoin Reserve, managed by the state comptroller, currently Glenn Hegar.

Under the bill, the comptroller would be authorised to invest in digital assets with a market capitalisation exceeding $500 billion over the past twelve months, a threshold currently met only by Bitcoin.

Originally introduced by Republican Senator Charles Schwertner in January as a Bitcoin-only bill, SB 21 was later amended in February to allow for potential inclusion of other qualifying digital assets.

Bitcoin Laws founder Julian Fahrer noted on social media platform X that the bill’s fate should be decided before the Texas legislature adjourns on June 2.

If approved in the full House vote, the bill will proceed to Governor Greg Abbott’s desk for signature.

Governor Abbott has previously expressed ambitions to position Texas as the “crypto capital” of the United States and accepted Bitcoin donations during his 2014 campaign.

This legislative development coincides with recent crypto-related bills in other states.

On May 7, Arizona Governor Katie Hobbs signed a law allowing the state to claim unclaimed crypto assets and create a Bitcoin and Digital Asset Reserve Fund without using taxpayer money.

Similarly, New Hampshire Governor Kelly Ayotte signed House Bill 302 on May 6, permitting the state treasury to invest in cryptocurrencies with market caps over $500 billion.

Meanwhile, Florida lawmakers removed two Bitcoin reserve bills on May 3 amid a busy legislative session addressing various state issues.

At the time of reporting, the Bitcoin (BTC) price was $99,432.08.