The Texas House of Representatives has cleared the second reading of the Strategic Bitcoin Reserve Bill (SB 21), moving the state one step closer to officially entering the crypto space. The bill seeks to create the “Texas Strategic Bitcoin Reserve,” which would allow the state to invest in Bitcoin as part of its financial strategy. With the Senate already on board, the proposal now awaits the governor’s final approval. The 8th largest economy in the world will now be allowed to buy Bitcoin. This is indeed a bullish start!
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Laying the Groundwork
While SB 21 doesn’t specify how much Bitcoin the state will purchase, it sets up the legal foundation to begin. According to the Texas Blockchain Council, the bill is scheduled for a vote in the House and, if passed, will mark a historic move toward Bitcoin adoption at the state level.
Texas is following in President Trump’s footsteps by calling for a national Bitcoin reserve. However, other states like New Hampshire and Arizona have already passed similar measures, beating Texas in the race to lead U.S. crypto integration.
What’s Next?
Lee Bratcher of the Texas Blockchain Council told Axios that while SB 21 sets up the reserve, separate legislation is being prepared to decide how much Bitcoin the state will actually allocate to the fund. That decision, however, remains pending.
If signed into law, Texas could soon become a major player in government-backed Bitcoin investments, further cementing the state’s pro-crypto stance.
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FAQs
SB 21 creates a legal framework for Texas to invest in Bitcoin as part of its financial strategy, pending governor’s approval.
As the 8th largest economy, Texas entering Bitcoin investment would be a major move, solidifying its pro-crypto stance.
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