Texas could become the first state to have a strategic Bitcoin (BTC) reserve following the passage of a new bill that allows it to invest in and manage crypto assets.
On Thursday, the Texas Senate voted 25-5 to pass Senate Bill 21, or the Texas Strategic Bitcoin Reserve and Investment Act.
The legislation seeks to establish the Texas Bitcoin Reserve for the Lone Star state, or a special fund outside the state treasury that stockpiles BTC and other cryptocurrencies with a market capitalization of at least $500 billion.
Reads SB 21,
“The establishment of a strategic Bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state and providing a mechanism to receive donations of Bitcoin and other cryptocurrencies.”
If the bill is signed into law, the state comptroller would have custody of and manage the crypto reserve and would have the authority to acquire, exchange and sell digital assets.
Texas Lt. Gov. Dan Patrick says he wants to make the state the epicenter of America’s digital future.
“President Trump has stated unequivocally that he intends to make the United States the cryptocurrency capital of the world. His visionary leadership on Bitcoin and digital assets has paved the way for rapid American innovation, and Texas is leading the way.
I promised to make a Texas Bitcoin Reserve a priority to solidify Texas’ leadership in the digital age. Today, the Texas Senate delivered on that promise by passing SB 21 with both Republican and Democrat votes to create the Texas Bitcoin Reserve. Some have called Bitcoin ‘digital gold,’ and I believe its limited supply and decentralized nature make it a critical asset for Texas’ future.”
With the Senate’s approval, SB 21 will now move to the Texas House of Representatives where it must pass before becoming law.
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