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Texas Senator Proposes Legislation to Establish the First State-Level Bitcoin Strategic Reserve
Texas Senator Charles Schwertner has introduced Senate Bill 778 (SB 778) to establish a Strategic Bitcoin Reserve. If approved, this legislation would position the state as the first in the nation to promote economic development and financial autonomy.
According to the Senator’s post on X, the bill aims to place Texas “at the forefront of the digital economy.”
It’s time for Texas to lead the way in creating a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and enacted into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve. This would position our state on the… pic.twitter.com/dRdCt86Otr
— Charles Schwertner (@DrSchwertner) January 15, 2025
Additionally, he pointed out that if enacted, Texas would own and manage Bitcoin as a financial asset.
“Bitcoin is a valuable digital asset with strategic potential for enhancing this state’s financial resilience,” the Texas Senator’s bill stated. “The Texas Strategic Bitcoin Reserve is a distinct fund outside the general revenue fund within the state treasury.”
Sen. Schwertner highlighted that Bitcoin’s decentralized nature and limited supply would serve as a safeguard against inflation and economic instability.
“The establishment of a strategic bitcoin reserve aligns with this state’s commitment to promoting innovation in digital assets and providing enhanced financial security to the residents of this state.”
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In December 2024, the Texas House of Representatives introduced legislation aimed at creating a formal Bitcoin Reserve. Republican state Rep. Giovanni Capriglione remarked at that time that the bill would initiate the construction of a strategic Bitcoin reserve by accepting taxes, fees, and donations in BTC.
Several US States Propose to Establish Strategic Bitcoin Reserves
In addition to Texas, multiple US states have been competing to create a strategic BTC reserve. Last week, Oklahoma Senator Dusty Deevers introduced the Bitcoin Freedom Act, aimed at integrating Bitcoin into the state’s economy.
The state of Ohio is also considering adding the leading cryptocurrency to its treasury reserves, having introduced a new bill by House Republican leader Derek Merrin.
Similarly, Pennsylvania’s Rep. Mike Cabell proposed a bill in November to allow its treasury to allocate up to 10% of its balance sheet in Bitcoin. Cabell referenced the asset’s potential to hedge against economic uncertainty.
However, Alex Thorn, head of Galaxy Digital, stated that the US government is not expected to purchase Bitcoin in 2025. Thorn anticipated that the government would focus on managing its existing Bitcoin stockpile rather than acquiring more.
The post Texas Senator Introduces Bill to Establish First State-Level Bitcoin Strategic Reserve appeared first on Cryptonews.
