Texas Senate Unanimously Approves State-Managed Crypto Reserve

The Texas Senate Banking Committee has unanimously approved Senate Bill 21 (SB-21), which aims to establish a state-managed cryptocurrency reserve. The bill, introduced by State Senator Charles Schwertner, authorizes the Texas Comptroller of Public Accounts to acquire, manage, and trade Bitcoin and other cryptocurrencies. The legislation received overwhelming support during the committee vote on February 27, 2025.

The initial version of SB-21 focused exclusively on Bitcoin holdings. However, Schwertner revised the bill in February to include other digital assets, following President Donald Trump’s executive order from January 23, 2025. The presidential order directed a federal commission to evaluate the possibility of creating a national digital asset reserve.

The Texas bill specifically addresses the potential benefits of cryptocurrency holdings. The legislation states that Bitcoin and other digital assets can serve as protection against inflation and economic instability. Pierre Rochard, vice president of research at Bitcoin mining company Riot Platforms, spoke in support of the bill during a public hearing on February 18, 2025. Rochard emphasized Bitcoin’s transparent nature and suitability for public financial management, while also cautioning about future economic uncertainties.

Texas joins a growing movement of states exploring cryptocurrency reserves. As of February 2025, more than 20 states have introduced similar proposals. Oklahoma, Arizona, and Utah have made progress with their own Bitcoin reserve legislation, while Montana, North Dakota, and Wyoming have rejected similar proposals due to concerns about cryptocurrency’s volatile nature and speculative aspects.

The Texas bill now moves to the full Senate for debate and voting. The date for the floor vote has not yet been announced.