Financial Insights That Matter
Bipartisan support backs a new state Bitcoin reserve, but opposition has grown ahead of the last vote.
Texas lawmakers have approved a bill to create a state-run Bitcoin reserve, bringing the state closer to officially adopting cryptocurrency as part of its treasury management. The Texas House of Representatives passed Senate Bill 21 on its third and final reading.
The bipartisan-supported legislation now requires a final concurrence vote on House amendments before it can be sent to Governor Greg Abbott for signature. Although the bill received strong support, opposition grew ahead of the last vote, with 42 members voting against it.
The fiscal impact of the reserve remains unclear. A legislative budget board official noted that the amount of Bitcoin to be purchased and related appropriations cannot currently be estimated. The bill grants the state comptroller investment authority over the reserve and other funds.
If enacted, Texas would become the second US state after New Hampshire to hold Bitcoin reserves. The bill aims to establish and manage a strategic Bitcoin reserve to support the state’s treasury operations.
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