$BTC

Can Texas Pass the Bitcoin Reserve Bill?

Many U.S. states have attempted to establish their own Bitcoin Reserves, which could make them significant BTC holders. When these bills were first introduced, the crypto community was excited, as they could potentially lead to $23 billion in new Bitcoin purchases.

Today, another Bitcoin Reserve effort has moved forward thanks to a committee in Texas:

“SB 21 [the Bitcoin Reserve bill] was passed by the Business and Commerce Committee with a 9-0 vote. The Strategic Bitcoin Reserve is now heading to the Senate floor,” reported local journalist Brad Johnson.

When a proposal passes a committee vote, it means that a specialized group of lawmakers—in this case, the Business and Commerce Committee—has reviewed the bill and decided it deserves further consideration.

After clearing the committee stage, the proposal moves to the full Senate, where all senators will debate and vote on it. If the majority supports it, the bill can continue its path toward becoming law.

This news from Texas is particularly encouraging for all Bitcoin Reserve legislative efforts. Earlier this month, Utah made significant progress, strengthening the movement’s momentum.

However, Montana rejected its own Reserve bill, and many other red states followed suit. In other words, this marks the first major fracture in the new political coalition forming around crypto.

Texas’ new Lieutenant Governor strongly supports the Bitcoin Reserve bill, which undoubtedly improves its chances. Wyoming’s legislative effort, despite strong backing from one of the state’s senators, failed to pass committee.

One factor that could help this bill succeed is Texas’ position as the largest Bitcoin mining hub in the U.S. Currently, the bill does not explicitly require the state to purchase Bitcoin from local businesses, but it could easily do so.

For now, the recent failures of similar proposals in other red states are discouraging. The bill’s chances remain highly uncertain.