The Texas House of Representatives approved Bill SB 21 by a majority of nine votes to four, which proposes the establishment of a strategic reserve for Bitcoin, in a move that brings the state closer to its ambitions of becoming a global cryptocurrency hub. This vote follows the Senate’s approval in March, placing the bill on track for a full vote before it is presented to Governor Greg Abbott, who is known for his strong support of digital currencies.
Details of the Bitcoin Bill in Texas
Republican Senator Charles Schwertner introduced the bill last January, initially focusing solely on Bitcoin before amending it to include digital assets with a market value exceeding $500 billion – which currently only includes Bitcoin. The Texas State Auditor, Glenn Hegar, is expected to oversee this reserve.
As the end of the legislative session in Texas approaches on June 2, all eyes are now on whether Bill SB 21 will pass the final vote and become a new step toward officially incorporating Bitcoin into Texas’s treasury strategy.
Other States Taking Similar Steps
While Texas is slowly moving toward establishing a Bitcoin reserve, other states have taken bolder steps. In Arizona, Governor Katie Hobbs recently signed legislation to create a reserve fund for digital assets, independent of taxpayer funds, allowing the state to receive unclaimed deposits and benefit from the associated rewards.
Similarly, New Hampshire Governor Kelly Ayotte signed a bill allowing the treasury to invest in top cryptocurrencies with a market value greater than $500 billion, which is currently limited to Bitcoin.
It’s worth noting that despite these moves, not all states are supportive of the idea of digital reserves. Florida, for example, withdrew two Bitcoin reserve bills from its legislative agenda on May 3, while approving over 230 other unrelated laws, including a ban on smartphones in schools.
