Texas set to launch Bitcoin reserve in landmark crypto bill
Texas may soon become the second U.S. state with a strategic Bitcoin reserve, following a strong House vote on a groundbreaking bill.
Texas is on the verge of creating its own Bitcoin reserve, as the state’s House of Representatives has passed Senate Bill 21 with a 101-42 vote. The bill, which previously cleared the Senate 25-5, now heads to Governor Greg Abbott, who is widely expected to sign it into law due to his long-standing support for cryptocurrency.
If enacted, the law empowers the state’s comptroller to manage a Bitcoin reserve and invest in any cryptocurrency with a market cap of over $500 billion in the past year—a threshold only Bitcoin currently meets. The bill’s backers argue that this move positions Texas as a digital leader and financial innovator.
This comes as part of a broader national trend where 47 similar bills have emerged across 26 states, although not all have succeeded. While New Hampshire has already implemented a reserve, recent proposals in Arizona, Florida, and Montana were blocked due to concerns over crypto’s volatility.
With a GDP of $2.7 trillion, Texas could significantly influence the crypto space if it moves forward with this initiative. Governor Abbott, known for accepting Bitcoin campaign donations and promoting Texas as a hub for crypto mining, is likely to give his approval soon.
Author
Jacob Lazurek
Coinpaprika
In the dynamic world of technology and cryptocurrencies, my career trajectory has been deeply rooted in continuous exploration and effective communication.
