Texas advances Senate Bill 21 to create a Strategic Bitcoin Reserve, approved by a House committee and awaiting a full House vote. The bill allows the state to invest in Bitcoin and other high-market cap cryptocurrencies. Similar initiatives are seen in Arizona and New Hampshire, while other states have shelved their Bitcoin reserve plans.
A Texas bill aiming to create a Texas Strategic Bitcoin Reserve has seen significant progress, with a key House committee approving it. On May 7, the Texas House Committee on Delivery of Government Efficiency voted 9-4 in favour of Senate Bill 21, setting the stage for a full House vote next, before potentially heading to Governor Greg Abbott for approval.
Initially, this bill was strictly about Bitcoin, as introduced by Republican Senator Charles Schwertner back in January. However, in February, it was amended to include other cryptocurrencies that boast a market cap of at least $500 billion over the past year. As the only digital currency currently hitting that mark, Bitcoin remains at the centre of this bill.
If the bill goes on to become law, it would allow the state comptroller to oversee and manage this reserve and invest state funds in eligible cryptocurrencies. Before this recent committee approval, SB 21 had already passed the Texas Senate earlier in March, where it secured a 25-5 vote.
Interestingly, Texas isn’t the only state to push for crypto-related legislation this year. According to Bitcoin Laws, which tracks such bills, another measure, HB 4258, has been introduced in March aimed at letting the state comptroller invest as much as $250 million from the Economic Stabilization Fund in Bitcoin or other cryptocurrencies.
In addition, there’s SB 778, also from February, which seeks to allow the state to accept taxes and donations in cryptocurrency, with a stipulation that any Bitcoin acquired must be held for at least five years. This outlines how Texas lawmakers are keen on exploring different facets of digital asset legislation.
Meanwhile, action isn’t limited to Texas. Just a day before the committee passed SB 21, Arizona’s Governor Katie Hobbs signed HB 2749, creating a Bitcoin and Digital Assets Reserve Fund sourced from unclaimed digital assets. Furthermore, New Hampshire Governor Kelly Ayotte approved HB 302, marking a historic move as it allows public fund investments in Bitcoin and other qualifying digital assets, permitting up to 10% of the state’s general fund to be allocated this way.
Across the U.S., 37 strategic Bitcoin reserve bills are now under consideration in 18 states, although many have been stalled or rejected. Florida recently joined the ranks of states that have halted their Bitcoin reserve proposals, which also includes Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, all of which have seen similar bills fail amid legislative hurdles.
