Texas Governor Greg Abbott expressed support for a recently passed bill by the state legislature that will establish a strategic cryptocurrency reserve.
On May 22, Abbott published an article on his X account regarding Texas lawmakers' efforts to create a Bitcoin (BTC) reserve. The article noted that the passage of Bill SB 21 will depend on Abbott, about three months after it was introduced.
Since taking office, Abbott has referred to himself as a 'supporter of crypto law proposals' in 2021 and suggested supporting policies to make Texas a 'crypto hub' in 2024. Texas is one of the few state governments proposing to establish a strategic crypto reserve after the 2024 federal election.
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On May 6, New Hampshire Governor Kelly Ayotte became the first governor to sign a Bitcoin reserve bill into law. More states are considering similar legislation.
The new government is working to encourage the U.S. government to hold Bitcoin.
At the federal level, President Trump signed an executive order in March establishing a 'strategic Bitcoin reserve' and 'digital asset reserve', but as of May 23, the order has not yet been codified by Congress. Wyoming Senator Cynthia Lummis is pushing for a BITCOIN bill that supports national investment.
As of March 11, the bill has been submitted to the Senate Banking Committee, and it is currently unclear when it will be voted on in the Senate.
