Texas edges closer to a landmark crypto policy shift as Governor Abbott nears the deadline on the pivotal Bitcoin Reserve Bill SB 21.
SB 6 aims to balance Texas' grid stability and surging power demand driven by AI and crypto mining through regulatory reform.
A combined push for digital finance leadership and energy infrastructure control could make Texas a national crypto and tech powerhouse.
As reported by cointelegraph on X,Texas Governor Greg Abbott faces a crucial Sunday deadline to sign or veto Senate Bill 21 (SB 21), also known as the Bitcoin Reserve Bill. If he does not act, the bill automatically becomes law under the Texas Constitution. The legislation proposes establishing a strategic cryptocurrency reserve, positioning Texas as a key player in digital asset policy. The bill already passed both chambers and garnered support from pro-crypto lawmakers. Abbott previously described himself as a “crypto law proposal supporter” and expressed ambitions to turn Texas into a crypto hub.
Texas joins a growing list of U.S. states exploring cryptocurrency reserves. In early May, New Hampshire Governor Kelly Ayotte signed a similar bill into law. Governor Katie Hobbs of Arizona gave the state permission to seize unclaimed cryptocurrency holdings shortly after. Several countries rejected the proposal, citing regulatory issues and volatility, even though around half of the states in the United States have proposed such legislation. But it's evident that momentum is growing, particularly in energy-rich areas like Texas where data infrastructure and cryptocurrencies are still growing.
Senate Bill 6 Targets Grid Stability
Senate law 6 (SB 6), a grid-focused law that targets energy-hungry companies like data centers and Bitcoin miners, must also be decided by Governor Abbott in addition to SB 21. The Public Utility Commission of Texas is instructed by the measure to create a new framework for handling the state's increasing power demands. This includes more precise guidelines for big electrical users who want to connect to the grid. By 2030, ERCOT predicts a 75% increase in power consumption, mostly due to growing data centers for AI and cryptocurrency.
Moreover, SB 6 aims to ensure that residential ratepayers do not shoulder the cost of infrastructure upgrades. Authored by Republican Senator Phil King, the bill preserves investor confidence by offering regulatory clarity. Hence, the legislation empowers developers to pitch and fund massive energy-intensive projects with greater certainty.
Additionally, industry leaders like ERCOT CEO Pablo Vegas support the legislation. He emphasized that Texas offers the land, capital, and policy support needed for rapid expansion. Consequently, both SB 21 and SB 6 reflect a strategic alignment between government policy and market innovation.
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