On February 27, Texas Senate Bill SB-21, which proposes establishing a strategic reserve of Bitcoin and cryptocurrencies, received approval from the Senate Banking Committee and now moves to the Senate floor for further consideration.
Senate Progress of the Bill
The bill was unanimously approved by the committee with a 9-0 vote. It grants the Texas Comptroller the authority to acquire, sell, and trade cryptocurrencies like Bitcoin, viewing them as potential hedges against inflation and economic instability.
Amendments to the Bill
Originally proposed by Senator Charles Schwertner in January 2025, the bill focused on Bitcoin only. However, following a January executive order from US President Donald Trump to study digital asset reserves, it was refiled to include other cryptocurrencies.
Arguments for Bitcoin Reserves
During the hearings, Bitcoin advocate and Riot Platforms VP of Research Pierre Rochard highlighted the economic significance of Bitcoin for Texas's future, citing a crisis of trust in financial institutions and Bitcoin's unique ability to be fully audited.
The Texas Bitcoin reserve bill continues to advance, showing growing interest in cryptocurrencies as a state-level financial stability measure.
