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Texas Legislators Reintroduce Bitcoin Reserve Bill, Expanding to Include Other Cryptocurrencies
Texas legislators have reintroduced a bill aimed at creating a state-managed Bitcoin reserve, this time expanding its focus to include various digital assets that meet specific criteria.
The new legislation, Senate Bill 21 (SB 21), supersedes a prior version and offers more adaptable funding strategies.
State Senator Charles Schwertner announced the bill’s reintroduction on February 12, highlighting its potential to position Texas at the forefront of financial innovation.
“SB 21 would make our state the first to establish a Strategic Bitcoin Reserve and foster innovation, growth, and financial freedom,” he stated.
Lieutenant Governor Prioritizes Bitcoin Reserve Bill Among Senate’s Top 40 Initiatives
Schwertner also recognized Lieutenant Governor Dan Patrick for elevating the bill’s priority within the Senate’s top 40 legislative initiatives.
Satoshi Action Fund founder Dennis Porter affirmed the bill’s importance, mentioning on social media that he had received multiple assurances from the lieutenant governor’s office regarding its high priority.
MASSIVE: A bill to establish a ‘Strategic Bitcoin Reserve’ in Texas has been refiled by @DrSchwertner. I’ve been informed by the Lt. Governor’s office several times that this bill is a significant priority. pic.twitter.com/bu4qHOxOLM
— Dennis Porter (@Dennis_Porter_) February 12, 2025
The newly submitted SB 21 builds on SB 778, a similar bill introduced in mid-January, but features essential modifications.
While SB 778 strictly confined Texas to acquiring and holding Bitcoin as a strategic asset, SB 21 broadens the parameters by enabling the state to actively buy, sell, and manage cryptocurrency investments.
A notable clause in SB 21 allows investments in additional digital assets, provided they have maintained a market capitalization of at least $500 billion over the past twelve months.
Currently, only Bitcoin fulfills this requirement, yet the framework offers potential for future expansion should other cryptocurrencies reach this benchmark.
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Additionally, the revised bill delegates more decision-making authority to financial experts rather than state lawmakers.
In contrast, SB 778 imposed stricter oversight and investment limitations.
Riot Platforms Vice President of Research Pierre Rochard commended the changes, labeling the new legislation “very bullish” and emphasizing its removal of the previous $500 million annual purchasing cap, allowing the legislature to allocate funds as it sees fit.
NEW: the new legislative text for the Texas Strategic Bitcoin Reserve, SB 21, is very bullish!
It eliminates the annual buying limit of $500 million, the legislature can appropriate as much as it wishes to save BTC.
Thank you for your leadership @LtGovTX @DrSchwertnerpic.twitter.com/ytopjHsEYE
— Pierre Rochard (@BitcoinPierre) February 12, 2025
More U.S. States Propose Bitcoin Reserve Bills
Texas is one of 19 U.S. states with proposed cryptocurrency legislation.
Last week, Florida Republican Senator Joe Gruters introduced a bill suggesting that the state allocate a portion of its funds to Bitcoin and other digital assets as a hedge against inflation.
Utah House Bill 230 recently passed the state’s House of Representatives on February 6 and is now moving to the Senate.
Utah’s bill, introduced by Representative Jordan Teuscher, would allow the state treasurer to invest up to 5% of public funds into Bitcoin, stablecoins, and other high-cap digital assets.
Arizona has also advanced its respective bills beyond the House committee stage, while North Carolina recently proposed a measure to permit state investments in Bitcoin exchange-traded products.
Meanwhile, North Dakota chose not to advance a similar proposal.
In another positive development, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced inflows totaling nearly $5 billion in January, a strong start that could propel them toward $50 billion or more by the end of the year, according to Bitwise CIO Matt Hougan.
The post Texas Lawmakers Refile Bitcoin Reserve Bill, Expanding Scope to Include Other Cryptos appeared first on Cryptonews.
