Texas Senate Invoice 21 (SB-21), establishing a Bitcoin and cryptocurrency strategic reserve, handed the Texas Senate Banking Committee on Feb. 27 in a 9–0 vote and now advances to the Senate ground for additional deliberation.
The invoice provides the Texas Comptroller of Public Accounts the authority to amass, promote and commerce any funding “{that a} prudent investor exercising affordable care, talent, and warning would purchase.” The invoice additionally learn:
“Bitcoin and different cryptocurrencies can function a hedge towards inflation and financial volatility, and the institution of a strategic bitcoin reserve serves the general public objective of offering enhanced monetary safety to residents of this state.”
A number of US states have pending Bitcoin (BTC) strategic reserve payments, together with Oklahoma, Arizona and Utah, to diversify state monetary reserves and hedge towards rising US greenback inflation.
Web page one in every of SB-21 establishing a Bitcoin and digital asset reserve. Supply: Texas State Senate
Associated: Oklahoma BTC reserve bill passes House Committee; other states reject
Texas Bitcoin strategic reserve invoice will get overhaul
The Texas strategic Bitcoin reserve laws was introduced by State Senator Charles Schwertner in January 2025 as a Bitcoin-only invoice that omitted the acquisition of different digital belongings.
Nonetheless, in February 2025, the invoice was refiled to include other digital assets following US President Donald Trump’s Jan. 23 executive order directing a fee to review the feasibility of a “digital asset stockpile.”
President Trump indicators an government order on cryptocurrencies. Supply: The White House
Nexo analyst Iliya Kalchev informed Cointelegraph that the Feb. 18 public hearing for SB-21 was symbolic and was not a serious BTC adoption or value catalyst.
Kalchev added that except particular insurance policies had been enacted — just like the state of Texas actively buying BTC as a part of its portfolio — the markets would have a lukewarm response to the information.
Pierre Rochard, a Bitcoin advocate and vice chairman of analysis at mining firm Riot Platforms, testified on the listening to for SB-21, arguing for a BTC strategic reserve.
The chief mentioned that whereas Texas presently has a flourishing financial system, it should be ready for future financial downturns and monetary uncertainty.
“Public belief and monetary establishments have eroded as a result of an absence of transparency, however Bitcoin is a novel asset as a result of it’s absolutely auditable,” the chief added.
Journal: Elon Musk’s plan to run government on blockchain faces uphill battle
