- Texas advances SB 21 to create a Bitcoin reserve, joining states like Arizona and New Hampshire in formal crypto integration efforts.
- The Texas Bitcoin bill, nearing a final vote, highlights a growing U.S. trend toward crypto-backed financial infrastructure at the state level.
- With SB 21 nearing passage, Texas could pioneer state-level Bitcoin reserves while reinforcing Governor Abbott’s pro-crypto stance.
Texas has advanced Senate Bill 21 (SB 21), a Republican-led proposal to establish a Bitcoin reserve, closer to becoming law. The bill passed the Texas House Committee on Government Efficiency with a 9-4 vote on May 7. It now heads for a final floor vote in the House before potentially landing on Governor Greg Abbott’s desk. The bill previously passed the Texas Senate in a 25-5 vote on March 6. If approved, Texas will take a significant step in integrating digital assets into its financial framework.
Bitcoin-Only Focus with Broader Asset Potential
SB 21 proposes the creation of the “Texas Strategic Bitcoin Reserve,” overseen by State Comptroller Glenn Hegar. Initially introduced in January by Republican Senator Charles Schwertner as a Bitcoin-exclusive bill, it was refiled in February to allow the inclusion of other digital assets. However, only cryptocurrencies with a market cap above $500 billion over the last year would qualify. Currently, Bitcoin remains the sole eligible asset.
The comptroller would have the authority to hold and manage digital assets on behalf of the state. This move reflects a growing trend for states that wish to diversify their reserves and implement decentralized finance too. Furthermore, the bill enhances Governor Abbott’s prior initiative of making Texas the “crypto capital” of the United States, which he publicly supported in 2014 by accepting donations in Bitcoin.
Other States Push for Crypto Reserves
Texas is not alone in this move. On May 8, Arizona Governor Katie Hobbs signed House Bill 2749 into law. It allows the state to preserve unclaimed crypto and create a Digital Asset Reserve Fund. Besides, Arizona can stake abandoned assets to generate yield through rewards or airdrops.
Meanwhile, New Hampshire Governor Kelly Ayotte approved HB 302 on May 6. It lets the state invest in digital assets exceeding $500 billion in market cap. Consequently, both states have aligned with Texas in recognizing crypto’s growing financial role.
However, Florida reversed course. On May 3, lawmakers dropped two Bitcoin reserve bills despite passing 230 unrelated laws the same day. SB 21 must pass before June 2, the end of Texas’ legislative session. If successful, Texas could lead a broader wave of U.S. state-level digital asset adoption.
