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Texas House Committee Approves Bitcoin Reserve Bill

Coin WorldThursday, May 8, 2025 1:28 am ET

1min read

The Texas House Committee on Delivery of Government Efficiency has passed Senate Bill 21, a Republican-backed initiative to establish a Bitcoin reserve. The bill, which advanced with a 9-4 vote along party lines on May 7, now awaits a full floor vote before potentially heading to Governor Greg Abbott's desk. The legislation, initially introduced by Republican Senator Charles Schwertner in January, aims to create the "Texas Strategic Bitcoin Reserve," managed by the state's comptroller. The reserve would be permitted to invest in digital assets with a market capitalization of at least $500 billion over the past twelve months, currently limited to Bitcoin.

The bill's journey began in the Texas Senate, where it passed with a 25-5 vote on March 6. Originally a Bitcoin-only bill, it was refiled in February to potentially include other digital assets. The fate of SB 21 is expected to be determined before the Texas legislature adjourns on June 2. Governor Abbott has previously expressed his ambition to position Texas as the "crypto capital" of the US and has accepted Bitcoin donations for his campaign.

The passage of SB 21 by the Texas House Committee comes on the same day that Arizona Governor signed a bill into law, allowing the state to keep unclaimed crypto and establish a Bitcoin and Digital Asset Reserve Fund. This fund would not use taxpayer or state funds and would enable the state to stake abandoned crypto to earn rewards or receive airdrops, which could then be deposited into the crypto fund. Additionally, Governor signed House Bill 302 into law on May 6, permitting the state’s treasury to invest in cryptocurrencies with a market cap exceeding $500 billion. However, removed two Bitcoin reserve bills on May 3, as state lawmakers focused on other legislative priorities.

The advancement of SB 21 in Texas reflects a broader trend among US states to explore the potential of digital assets. The bill's progress underscores the growing interest in integrating cryptocurrencies into state financial strategies, with Texas aiming to lead the way in this emerging field. The outcome of the full floor vote will be crucial in determining the future of the Texas Strategic Bitcoin Reserve and its potential impact on the state's financial landscape.

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