Texas Advances bill to Create Strategic Bitcoin Reserve
On May 7, Texas took a critically important step towards establishing a strategic Bitcoin reserve.The Texas House Commitee on Delivery of Government Efficiency approved Senate Bill 21 with a 9-4 vote. This bill, initially proposed by Senator Charles schwertner, aims to allow the state to invest in eligible cryptocurrencies.
SB 21 was first introduced in january as a Bitcoin-only proposal.However, it was later updated to include other digital assets with a minimum $500 billion market cap over the past year. Currently, Bitcoin is the only cryptocurrency that meets this requirement.
If enacted, the bill will enable the state comptroller to manage the reserve and invest state funds in eligible crypto assets. The bill previously passed the Texas Senate on march 6 with a 25-5 vote.
SB 21 is not the only crypto-related legislation in Texas this year. HB 4258 proposes allowing the state comptroller to invest up to $250 million of the Economic Stabilization Fund into bitcoin or other cryptocurrencies. SB 778 focuses on accepting taxes and donations in crypto, with a five-year holding period for any Bitcoin acquired.
Other states are also exploring Bitcoin reserves. Arizona and New Hampshire recently signed laws creating Bitcoin and digital asset reserve funds. Though, some states, like Florida, have shelved thier Bitcoin reserve plans.
Currently, 37 strategic Bitcoin reserve bills are under review across 18 U.S. states. The trend shows growing interest in integrating cryptocurrencies into state financial strategies.