Texas House Panel Advances Bill to Establish State-Backed Bitcoin Reserve
A Republican-led effort to establish Texas’ first state-backed Bitcoin reserve has cleared a major legislative hurdle and now awaits a full House vote. If passed, the bill will head to Governor Greg Abbott’s desk for final approval.
A Republican-led effort to establish Texas’ first state-backed Bitcoin reserve has cleared a major legislative hurdle and now awaits a full House vote. If passed, the bill will head to Governor Greg Abbott’s desk for final approval.
Senate Bill 21 (SB 21), which proposes the creation of a “Texas Strategic Bitcoin Reserve,” was approved by the Texas House Committee on Delivery of Government Efficiency in a 9-4 party-line vote on May 7. The measure passed the Texas Senate on March 6 with a 25-5 vote .
Under SB 21, the Texas Comptroller — currently Glenn Hegar — would be empowered to invest state funds in digital assets, specifically those with a market capitalization of at least $500 billion over the past year. At present, only Bitcoin meets that threshold. The bill was originally introduced in January by Republican Senator Charles Schwertner as a Bitcoin-exclusive proposal but was later amended in February to include other qualifying cryptocurrencies potentially.
Julian Fahrer, founder of Bitcoin Laws, noted that the bill’s fate will likely be decided before the Texas Legislature adjourns on June 2.
Governor Abbott has been a vocal proponent of cryptocurrency adoption in Texas, once declaring ambitions to make the Lone Star State the “crypto capital” of the United States. He also accepted Bitcoin donations during his 2014 campaign.
Texas isn’t alone in making moves toward crypto-backed reserves. On the same day as the House committee’s vote, Arizona Governor Katie Hobbs signed a bill establishing a state-run Bitcoin and Digital Asset Reserve Fund. Unlike Texas, Arizona’s fund will be built using unclaimed and abandoned digital assets, which the state can also stake or earn airdrops from, all without relying on taxpayer money.
New Hampshire also joined the movement, with Governor Kelly Ayotte signing House Bill 302 on May 6. It permits the state treasury to invest in cryptocurrencies with a market cap exceeding $500 billion. If SB 21 passes the final floor vote, Texas could soon become the latest state to formalize digital assets as part of its financial reserves.
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