Texas House Committee Approves Bitcoin Reserve Bill for Full Vote

The Bitcoin reserve bill passed by the Texas Senate has made progress in the House, moving past committee to head for a vote.

A Texas House committee has approved a Republican-backed bill to create a Bitcoin reserve fund, which now only needs to be successfully voted on by the full membership before being sent to the governor's desk.

The Texas House Committee on Government Efficiency approved Senate Bill 21 without any amendments on May 7 with a party-line vote of 9-4. The bill was passed by the Texas Senate with a vote of 25-5 on March 6.

SB 21 will establish the “Texas Strategic Bitcoin Reserve Fund,” managed by the state comptroller — currently Glenn Hegar — who will be allowed to invest in digital assets that have reached a market capitalization of at least $500 billion in the past twelve months, currently only including Bitcoin.

Republican Senator Charles Schwertner initially introduced SB 21 in January as a bill exclusively for Bitcoin.

However, the bill was reintroduced to include the possibility of adding other digital assets in February.

Bitcoin Laws founder Julian Fahrer stated on X that the fate of SB 21 would be decided before June 2, when the Texas legislature ends its session.

If the bill successfully passes a vote by the full council, it will be sent to Governor Greg Abbott's desk. #Texas