Texas lawmakers have reintroduced a bill aimed at establishing a strategic Bitcoin reserve. Now designated as ‘SB 21’, the bill has been expanded to allow investments in additional cryptocurrencies.
Texas Refile Bitcoin Reserve Act, Eyes Expansion of other Cryptocurrencies
Senator Charles Schwertner announced the ‘SB 21’ bill on February 12, emphasizing that it will make Texas the first state to establish a cryptocurrency reserve, potentially promoting innovation and “financial freedom.”
Thank you to Lt. Governor @DanPatrick for designating my bill to establish the Texas Strategic Bitcoin Reserve as one of the Senate’s top 40 priority bills. SB 21 would make our state the first to establish a Strategic Bitcoin Reserve & drive innovation, growth, & financial…
— Charles Schwertner (@DrSchwertner) February 12, 2025
The new legislation builds on SB 778, a previous bill introduced in January of this year that focused solely on Bitcoin. SB 778 restricted the state to only buying and holding Bitcoin, without using it for other purposes. However, SB 21 broadens the scope to include cryptocurrencies with a market value of at least $500 billion in a given year, though Bitcoin is currently the only crypto meeting this criterion.
The refiled bill also grants greater control to financial experts in managing the reserve, contrasting with SB 778, which gave authority to state legislators and introduced stricter oversight and funding rules.
Schwertner noted that Lieutenant Governor Dan Patrick has prioritized this bill as one of the Senate’s top 40 legislative initiatives. The “Strategic Bitcoin Reserve” bill in Texas is scheduled to have a hearing on February 18.
For these Bitcoin developments, the Satoshi Action Fund has become a key player for its collaboration with lawmakers in several states to create Bitcoin reserve bills. However, Co-founder Dennis Porter recently expressed his concern that some reserved bills may not come to fruition due to common challenges: “Political opposition, Being stalled by the legislative process and Lawmakers’ lack of comfort or education on the topic.”
As of today, around 20 U.S. states have proposed similar cryptocurrency legislation, with Arizona and Utah advancing their bills beyond the House committee stage.
Also Read: Growing Crypto Investments Inspires Bloomberg To Launch Bitcoin and Gold Blend Indices
