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Texas House Passes Bill for State Bitcoin Reserve

Coin WorldWednesday, May 21, 2025 4:36 pm ET

1min read

Texas House lawmakers have passed a bill to establish a state-level strategic Bitcoin reserve, with the legislation now awaiting a second vote in the Senate following amendments. The bill, SB 21, was approved by the House with a 101-42 vote on May 21. The Senate had previously approved an earlier version of the bill on March 5 with a 25-5 vote.

The proposed legislation allows the state comptroller to acquire Bitcoin using surplus General Revenue, with reporting rules similar to those applied to gold bullion held in the Texas Bullion Depository. The bill's primary sponsor, Congressman Giovanni Capriglione, emphasized the significance of this move, stating that it secures Texas's leadership in the digital age and positions the state as a forward-thinking region prepared for the evolution of global finance.

If Governor Greg Abbott signs the bill into law, Texas will become the third US state to direct public funds into Bitcoin as part of a strategic reserve framework, following Arizona and New Hampshire. The Governor has 20 days to sign or veto the bill. If no action is taken, the bill will become law without a signature on the first business day thereafter.

The legislation mandates that the state comptroller must disclose acquisition dates, unit counts, and aggregate cost basis each quarter. It also requires holdings to be custodied with a qualified entity inside Texas or within a US jurisdiction that recognizes Bitcoin as property. The bill instructs the comptroller to study potential revenue streams tied to network participation, including Lightning-enabled payment rails for state fees, with findings due to the House Appropriations Committee by January 2026.

The Senate will need to vote again on the amended bill before it can be sent to the Governor's desk for final approval. This legislative pathway underscores the state's commitment to embracing modern financial assets while ensuring transparency and accountability in the management of public funds.

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