The Texas House of Representatives passed bill SB 21 on May 21, 2025, in its third reading, which provides for the creation of a strategic reserve in $BTC
The document was supported by a vote of 101 to 42. The bill, initiated by Giovanni Caprileone, aims to diversify the state's financial strategy through investments in digital assets. Earlier, in March 2025, the Texas Senate approved the bill by a vote of 25 to 5. The document is now awaiting the signature of Governor Greg Abbott, known for his support of cryptocurrencies. Abbott has previously referred to Texas as the 'crypto capital' and has accepted donations in Bitcoin.
The bill will allow state authorities to accept taxes and donations in cryptocurrency, which will be held in reserve for at least five years. This makes Texas potentially the second state in the U.S. after Utah to officially create a Bitcoin reserve. The initiative is seen as a step towards strengthening the state's financial resilience and protecting against inflation. However, some states, such as Arizona, have rejected similar proposals due to the volatility of cryptocurrencies.
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