Texas House Passes Strategic Bitcoin Reserve Bill with 101-42 Vote, Awaits Governor’s Signature

The Texas House of Representatives has passed Senate Bill 21, known as the Texas Strategic Bitcoin Reserve and Investment Act, with a vote of 101-42. The bill, which aims to establish a state-run Bitcoin reserve, now awaits the signature of Governor Greg Abbott to become law. Texas, the world’s 8th largest economy, could become the third state to pass such legislation, following New Hampshire and Arizona.

The legislation allows the Texas Comptroller to manage a special fund outside the state treasury, which can hold Bitcoin and potentially other cryptocurrencies as a hedge against inflation and economic volatility. The bill requires the comptroller to submit a report every two years to the legislature detailing the reserve’s holdings and any changes. The bill received bipartisan support in the House.

An amendment to the bill requires eligible cryptocurrencies to maintain a $500 billion market cap for at least 24 months, effectively limiting the reserve to Bitcoin, which currently meets this threshold. This move positions Texas as a potential leader in state-level crypto adoption, especially given its status as a major crypto mining hub.

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