The Texas Senate passed a bill to establish a state-managed Bitcoin Reserve, solidifying the state's cryptocurrency dominance and setting a precedent nationwide.
The Texas Senate passed a bill to establish a state Bitcoin Reserve.
Texas Lieutenant Governor Dan Patrick announced on March 6 that the Texas Senate passed Senate Bill No. 21 to establish the Texas Bitcoin Reserve, receiving bipartisan support. This legislation, proposed by Senator Charles Schwertner, creates a state-managed fund for holding Bitcoin and other cryptocurrencies.
Patrick praised the initiative, stating, "President Trump has made it clear that he intends to make America the cryptocurrency capital of the world. His vision for Bitcoin and digital assets paves the way for rapid innovation in America, and Texas is leading this trend." He emphasized that the bill would strengthen Texas's leadership in the digital economy. Patrick confirmed his commitment to prioritizing the Texas Bitcoin Reserve, stating:
I promise to prioritize the Texas Bitcoin Reserve to solidify Texas's leadership in the digital age. Today, the Texas Senate fulfilled that promise by passing Senate Bill No. 21, gaining support from both Republicans and Democrats, creating the Texas Bitcoin Reserve.
He also highlighted Bitcoin's role as a valuable asset, saying, "Some call Bitcoin 'digital gold,' and I believe its limited supply and decentralized nature make it a key asset for Texas's future." The bill still requires approval from the House and the Governor's signature to become law.
The Texas auditor will oversee the reserve, which will hold cryptocurrencies with a market value of at least $500 billion and be eligible for state budget allocations. Additionally, Senate Bill No. 21 establishes a Strategic Bitcoin Reserve Advisory Committee to provide guidance on fund management and requires a biannual report on its holdings. Patrick described the initiative as setting a precedent for other states, stating:
Creating the Texas Bitcoin Reserve is a bold step that other states can emulate. I stand with President Trump in hopes of making Texas the center of America's digital future.
The United States is also taking steps to integrate Bitcoin into its financial strategy. Through an executive order, President Trump established a strategic Bitcoin Reserve, reinforcing the nation's commitment to digital assets. Additionally, the White House hosted the first cryptocurrency summit, indicating increased federal engagement with the industry.