Texas Senate Advances Bill Aimed at Creating a Bitcoin Reserve

The Texas legislature has advanced groundbreaking cryptocurrency legislation with Senate Bill 21, which would establish an official state Bitcoin reserve.

The bill, which cleared committee with bipartisan support (9-4 vote), authorizes the state comptroller to allocate funds to Bitcoin investments.

This strategic move follows Senator Charles Schwertner’s initial Bitcoin-focused proposal and aligns with similar actions in Arizona, where Governor Hobbs just signed legislation enabling state management of unclaimed crypto assets.

These developments suggest a growing recognition of cryptocurrency’s role in state financial management.