The strategic Bitcoin reserve bill in Texas (SBR) SB21 has overcome the legislative hurdle after the state Senate adopted the conference committee report. The support was overwhelming, with a majority voting 24 to 7 in favor of adopting the report.
With this move, the bill has finally passed the legislative process and is now on its way to the governor’s office for evaluation.
According to Bitcoin laws, the adoption of the conference committee report means the Senate agrees to all the changes made to the bill. The House initially approved the report on May 30, with 110 members in favor and only 25 opposed.
This approval concludes the lengthy legislative process for Senate Bill 21, which was later extended due to amendments to the bill. Given the differences in the House and Senate versions, both chambers formed a conference committee to approve these amendments.
Among the amendments retained by the conference committee was the House amendment, which raised the market cap of eligible reserve assets to at least $500 billion over the past 24 months. However, the amendment eliminated the provision allowing the comptroller to deposit reserve assets.
If passed, the bill will allow the Texas Comptroller of Public Accounts, the state's chief financial officer, to create a cryptocurrency reserve using a portion of state investment funds. It also establishes an advisory committee of five members to set investment policies and requires the comptroller to publish financial status reports every two years. Texas will join New Hampshire as states with Bitcoin reserves.
Many believe that Governor Greg Abbott will approve the bill, allowing Texas to join New Hampshire and Arizona as U.S. states with an SBR law. Abbott has publicly expressed his support for the bill by publishing an article praising the legislative efforts concerning X.
The bill also benefits Texas by making it the cryptocurrency capital of the United States. The state is already the largest in Bitcoin mining in the U.S., accounting for most of the Bitcoin mining hash rate in the country. Therefore, establishing the SBR will enhance its position in the cryptocurrency space.
The state has the second-largest economy in the United States, with a GDP of $2.7 trillion, behind California and ahead of New York. According to the Bureau of Economic Analysis, its economy is growing at a faster pace than the U.S. economy.
While Texas may become the third state to implement the SBR law, it is expected to be the second state to allocate part of its portfolio for investment in cryptocurrency assets as a hedge against inflation. New Hampshire prides itself on being the first state to enact a cryptocurrency reserve (SBR) law that enables the state treasurer to invest in cryptocurrency assets.
However, the cryptocurrency reserve law in Arizona does not allow the investment of state funds in cryptocurrency assets. Instead, the proposed cryptocurrency reserve bill HB 2749 allows for the creation of a cryptocurrency reserve funded with unclaimed cryptocurrency assets, airdrops, and staking rewards.
The cryptocurrency reserve law in Arizona represents a compromise after the state governor, Katie Hobbs, vetoed two other bills regarding cryptocurrency reserves that would require the state to invest, noting that "the current volatility in cryptocurrency markets is not suitable for public funds."
■ 30 cryptocurrency reserve bills are currently under consideration in the United States
At the same time, bills concerning cryptocurrency reserves are still under consideration in more states, with a majority of these states at the committee stage showing significant interest in Bitcoin reserves. States like North Carolina, Alabama, Montana, Georgia, and Iowa have their own bills at various stages.
However, it is not only private bills that are attracting attention. Legislative efforts supporting cryptocurrency in general have increased, with Michigan recently introducing four new bills related to Bitcoin and other cryptocurrency assets. One of these bills may allow some state pension funds to invest in cryptocurrency.
There is another bill prohibiting the issuance of central bank digital currencies (CBDCs), while the proposed legislation seeks to allow Bitcoin mining projects on abandoned oil and gas wells, with tax breaks for mining programs.
The state is currently considering seven Bitcoin-supporting bills, and recently declared May 13, 2025, as Digital Awareness Day through House Resolution 100. The resolution stated that this designation would encourage activities and programs that enable a better understanding of digital assets and their impacts.
