Texas Approves Bill to Create Bitcoin Reserves
Texas is taking bold steps toward holding Bitcoin as part of its financial strategy. The state House just passed a bill that would allow Texas to set up official Bitcoin reserves. The bill, Senate Bill 21 (SB 21), passed with 101 votes in favor and 42 against. It now awaits Governor Greg Abbott’s signature.
Details of the Texas Bitcoin Reserves Bill
The bill is known as the Texas Strategic Bitcoin Reserve and Investment Act. It empowers the state comptroller to invest in digital assets. But only those with a market cap of $500 billion or more over the last 12 months. At this time, only Bitcoin qualifies.
Under this law, Texas will create a dedicated Bitcoin reserve. It’s a move to diversify how the state manages its assets. Supporters say it’s also a step toward positioning Texas as a leader in financial innovation.
Why Texas Wants Bitcoin Reserves
Supporters argue that Texas Bitcoin reserves can strengthen the state’s financial independence. They also believe it will attract more crypto and blockchain firms to Texas. The bill’s backers, Senator Charles Schwertner and Representative Giovanni Capriglione, say Bitcoin is a smart, long-term bet.
Other States and Bitcoin Reserves
If the governor signs the bill, Texas would be the third U.S. state to explore Bitcoin reserves. New Hampshire has already started the process. Arizona proposed something similar, but the effort stalled. Both Arizona and Montana have faced setbacks after governors rejected or vetoed Bitcoin reserve proposals.
Texas Joins National Crypto Policy Conversation
The move comes as crypto plays a growing role in U.S. policy. In Washington, Senator Cynthia Lummis recently introduced the BITCOIN Act. It proposes Bitcoin vaults operated by the Treasury. Her idea is to use Bitcoin as a reserve for national security and economic stability.
Bitcoin Market Update
On May 22, 2025, Bitcoin is priced at $110,707. That’s a 3.21% increase from the previous session. The day’s high hit $111,547. The low was $106,178. This price surge adds momentum to talks around Texas Bitcoin reserves and their future impact.
What’s Next
All eyes are now on Governor Greg Abbott. If he signs SB 21, Texas will officially become a pioneer in Bitcoin-based state finance. The decision could inspire other states to follow. It could also push Bitcoin closer to mainstream acceptance in U.S. public finance.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always do your own research before making any financial decisions.