Texas set to finalize Bitcoin reserve plan with SB21 legislative review.
- Texas House reviewing SB21 for Bitcoin reserve approval.
- Vote scheduled for May 20, 2025.
- No U.S. state has enacted similar legislation.
The Texas House is scheduled to review Senate Bill 21 on May 20, 2025, which proposes the creation of a state-managed Bitcoin reserve.
The legislative initiative could position Texas as a leader in state-level cryptocurrency management, fostering new debates over digital asset reserves.
Senate Bill 21 Advocates for State Bitcoin Reserve
Senate Bill 21, backed by Senator Charles Schwertner, proposes a Texas Bitcoin reserve. Lieutenant Governor Dan Patrick supports this initiative, emphasizing Texas’ leadership in the digital sphere.
The bill mandates the Texas Comptroller to oversee the fund, potentially affecting Bitcoin and Ethereum. It is a pivotal step toward integrating state-level cryptocurrency assets.
Texas Legislation Could Set Cryptocurrency Precedent
The initiative may bolster Texas’ stance in the cryptocurrency sector. As no direct on-chain transfers have been reported, the focus remains on legislative processes.
Politically, the bill could influence how other states view cryptocurrency reserves. Financially, it could enhance Texas’ investment in digital currencies.
Unique U.S. Initiative Compared to El Salvador
No U.S. state has previously enacted a similar state-run strategy. Comparisons are drawn to El Salvador’s actions but focus on Texas’ strategic asset reserve.
Experts predict potential boosts in cryptocurrency legitimacy and adoption at the state level if the bill is approved, using historical trends as precedent.
“I promised to make a Texas Bitcoin Reserve a priority to solidify Texas’ leadership in the digital age. Today, the Texas Senate delivered on that promise by passing SB 21 with both Republican and Democrat votes to create the Texas Bitcoin Reserve… Creating the Texas Bitcoin Reserve is a bold step for other states to follow.” – Dan Patrick, Lieutenant Governor of Texas
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