the law on the country’s strategic Bitcoin reserve passes the Senate

In Texas there are new developments on the country’s strategic Bitcoin reserve law. The Texas Senate Bill 21 (SB-21) was approved by the Senate banking committee with a vote of 9 in favor and 0 against, and it is ready to move to the Senate floor. 

Texas: the law on the strategic reserve of Bitcoin has passed the Senate banking committee

The Texas Senate Bill 21 (SB-21), the law on the strategic Bitcoin reserve in Texas, has passed the Senate banking committee. With a vote of 9 bull against 0 bear, the bill can now move to the Senate floor for further deliberations. 

This law also introduces the figure of the “controller” as the custodian and administrator of Texas’s strategic BTC reserve. Here is how the document states:

“The Texas Strategic Reserve for Bitcoin was established as a special fund outside the State treasury. The Comptroller has custody of the reserve and will administer and manage the reserve. [..] In the administration and management of the reserve, the Comptroller may acquire, trade, sell, oversee, manage, or hold any type of investment that a prudent investor, exercising reasonable care, skill, and caution”

Not only that, the bill states that it considers Bitcoin and crypto as “assets with a strategic potential to enhance the financial resilience of this State.”

Then the text continues by discussing hedging against inflation and economic volatility:

“Bitcoin and other cryptocurrencies can serve as a hedge against inflation and economic volatility; and the creation of a strategic reserve of bitcoin serves the public purpose of providing greater financial security to the residents of this State and providing a mechanism to receive donations of bitcoin and other cryptocurrencies.”

Texas and the progress on the Bitcoin strategic reserve law 

It has been since December 2024, after the election of Donald Trump as President of the USA, that in Texas there is talk of a law on the strategic reserve of Bitcoin. 

In fact, the Texas parliament deputy, Giovanni Capriglione, is said to have presented the HB 1598 bill proposal to establish the BTC reserve within the State Treasury.

During the month of January, the governor of Texas had outlined his plan to accumulate state reserves in BTC by 2025. In this sense, the governor considers BTC as a reliable store of value and an opportunity to protect public finances from potential economic turbulence.

Only on February 18, 2025, it then emerged that the Texas Senate had held a session to evaluate the possibility of creating a state reserve of BTC. Here, there is already talk of the bill SB21, which has become the subject of public debate.

The situation in the rest of the USA

Obviously, Texas is not the only state in the USA to have considered BTC as a state reserve. 

In fact, there is anticipation to learn about new developments even in countries like Ohio, Arizona, Missouri and Oklahoma.

It should be considered that Texas is one of the largest, richest, and most populated states in the USA. This could give it the role of a trailblazer for all other countries interested in BTC as a state reserve of value. 

In the meantime, even the President of the USA, Donald Trump, seems to be considering the idea of establishing BTC as a national strategic reserve, although for the moment it is still just an idea.