Texas Passes Crypto Reserve Bill

The Texas Senate passed a measure on Thursday to establish a state-controlled cryptocurrency reserve, following President Donald Trump’s recent announcement of a plan for a US crypto strategic reserve.

Senate Bill 21, introduced by Republican Sen. Charles Schwertner of Georgetown, permits the state comptroller to purchase, hold, and manage Bitcoin and other digital assets as “a hedge against inflation and economic volatility.”

The reserve would be financed through legislative appropriations and donations from private individuals and corporations.

The bill also proposes the creation of a committee to provide investment recommendations to the comptroller on which cryptocurrencies to acquire. If enacted, Texas would become the first US state to establish its own cryptocurrency reserve.

“This bill will enable Texas to diversify our investment strategy, engage competitively in the evolving digital financial economy, and leverage the advantages of Bitcoin and other cryptocurrencies,” Schwertner stated.