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The Texas House of Representatives has passed the third reading of SB 21, a bill that seeks to establish a strategic Bitcoin reserve in the state. The bill passed in a 101-42 vote and will now go to Texas Governor Greg Abbott to either sign into law or veto.<\/p>\n
SB 21, authored by state Senator Charles Schwertner, establishes a Bitcoin (BTC<\/a>) reserve that is managed by the state’s comptroller. The legislation allows the comptroller to invest in any cryptocurrency with a market cap above $500 billion over the previous 12-month period. Currently, the only cryptocurrency fitting the requirement is Bitcoin.<\/p>\n Before the vote, state Representative Giovanni Capriglione said to the chamber that the bill was a “pivotal moment in securing Texas’s leadership in the digital age with the passage of our strategic Bitcoin reserve. Now, we embrace a modern asset with traditional properties for future promise.” The bill passed in the Texas Senate<\/a> in a 25-5 vote on March 6.<\/p>\n Texas’s economy is the second-largest in the United States, with a gross domestic product of $2.7 trillion in 2024, according<\/a> to KVUE. If Texas were its own country, it would have the eighth-largest economy in the world.<\/p>\n Related: <\/strong><\/em>Texas lawmakers refile Bitcoin reserve bill, adding room for more crypto<\/strong><\/em><\/a><\/p>\n If Abbott signs SB 21 into law, Texas will be the second US state to allow for the creation of a cryptocurrency reserve. New Hampshire became the first to do so on May 6 after Governor Kelly Ayotte signed House Bill 302 into law<\/a>.<\/p>\n Similar bills in other states have faced resistance as of late. On May 13, Arizona Governor Katie Hobbs axed two crypto reserve bills<\/a>. On May 6, two Florida strategic Bitcoin reserve bills were taken off the table<\/a>.<\/p>\n Hobbs wrote in her veto letter, “Current volatility in cryptocurrency markets does not make a prudent fit for general fund dollars […].” <\/p>\n The risky nature of cryptocurrency investing was a factor<\/a> in the decision of Montana lawmakers to kill a possible digital asset reserve.<\/p>\n According<\/a> to Bitcoin Laws, 47 strategic Bitcoin reserve bills have been introduced in 26 states. There are 13 active bills at the federal level as well.<\/p>\n Abbott has expressed enthusiasm for cryptocurrency before and is expected to sign the bill into law. In a social media post dated November 2024, Abbott praised<\/a> Texas as “the home of crypto mining,” adding that it “should become the crypto capital.” <\/p>\n Abbott has reportedly accepted Bitcoin donations to campaigns since 2014.<\/p>\nState Bitcoin reserve bills see mixed results<\/h2>\n