Texas is gearing up to make some serious moves in the crypto world! On May 7, the Texas House Committee on Delivery of Government Efficiency passed a Republican-backed bill aimed at establishing a Bitcoin reserve. It’s now just one full floor vote away from heading to Governor Greg Abbott’s desk.
The bill, known as Senate Bill 21, passed through the committee with a 9-4 vote, strictly along party lines. It has already sailed through the Texas Senate with a 25-5 vote on March 6. If it gets the green light from the full House, it will make its way to Governor Abbott, who’s been vocal about his desire to turn Texas into the “crypto capital” of the US. He even accepted Bitcoin donations for his 2014 campaign!
SB 21 sets the stage for a “Texas Strategic Bitcoin Reserve,” which would be overseen by the state’s comptroller, Glenn Hegar. The reserve would be allowed to invest in digital assets that have hit a market cap of at least $500 billion in the past year, currently only Bitcoin (BTC), which is sitting pretty at $99,560.
The Texas House committee has approved SB 21, next steps a Texas House vote by all members and the governor’s signature.
— Pierre Rochard (@BitcoinPierre) May 8, 2025
It looks likely that Texas will have a Strategic Bitcoin Reserve, the big open question is how much BTC will be acquired. https://t.co/vXq5bqNw0d pic.twitter.com/FGONjPLzWT
Originally, the bill was a Bitcoin-only affair, introduced by Republican Senator Charles Schwertner in January. But in February, it was updated to possibly include other digital assets in the future.
Julian Fahrer, founder of Bitcoin Laws, mentioned on X that the fate of SB 21 should be decided before June 2, when the Texas legislature wraps up.
Texas Bitcoin Reserve should be one vote away.
— Julian Fahrer (@Julian__Fahrer) May 8, 2025
TX legislature adjourns on 6/2, so we should should know within ~3 weeks at the latest. https://t.co/iytSSNrWmo
If it passes the full vote, the bill will head straight to Governor Abbott. And given his crypto-friendly stance, it looks like Texas could soon be holding some serious Bitcoin reserves.
Texas is already the home of crypto mining.
— Greg Abbott (@GregAbbott_TX) November 8, 2024
This session Texas should become the crypto capital.#Bitcoin #crypto
wears the crown as the bitcoin mining capital of the world https://t.co/a3paG1kamX
Texas Bitcoin Reserve Bill: A Trendsetter?
This bill isn’t the only one making waves. On the same day as Texas’s vote, Arizona Governor Katie Hobbs signed a bill into law allowing the state to keep unclaimed crypto and create a Bitcoin and Digital Asset Reserve Fund—no taxpayer money required. Arizona can even stake abandoned crypto to earn rewards or receive airdrops, which would go into the state’s crypto fund.
New Hampshire Governor Kelly Ayotte also jumped on the crypto train, signing House Bill 302 into law on May 6. The law gives the state’s treasury the green light to invest in cryptocurrencies with a market cap of over $500 billion.
However, not all states are diving in. Florida recently pulled two Bitcoin reserve bills on May 3, choosing instead to focus on other issues like fluoride in water and smartphone bans in schools. Seems like crypto's a bit less of a priority there—at least for now.
HODL Team
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