Texas Advances SB21: Strategic Bitcoin Reserve Bill Officially Passed

Could Texas soon be the home of the world’s first state-managed Bitcoin reserve? The Texas House has given a resounding yes by passing Senate Bill 21 (SB21), the Texas Strategic Bitcoin Reserve and Investment Act. With the bill now headed to Governor’s desk, Texas is poised to join New Hampshire and Arizona in embracing digital currencies at a policy level. Amidst this legislative momentum, Bitcoin soared to a new all-time high of $111,900, while Ethereum, despite a 57% surge in the last month, remains below its record peak.

• Texas House passes SB21, headed to Governor’s desk.
• Bill proposes state-managed Bitcoin reserve and crypto investments.
• Bitcoin hits $111,900 amidst legislative and economic boosts.
• Ethereum outperforms Bitcoin recently but remains below its peak.

SB21: What It Means

SB21, authored by state Senator Charles Schwertner, aims to establish a reserve fund managed by the Office of the Comptroller. This fund would be fueled by legislative appropriations and private donations, focusing on cryptocurrencies with a market capitalization (the total value of all coins in circulation) exceeding $500 billion. With Bitcoin being the only current candidate for this threshold, Texas is setting a precedent in state-managed digital assets.

State Representative Giovanni Capriglione captured the essence of this legislative move, stating,

“It represents a pivotal moment in securing Texas’s leadership in the digital age.”

His words highlight Texas’s ambition to lead in the global shift towards digital assets, not just participate.

Comptroller Glenn Hegar emphasized the need for a prudent approach, saying,

“We must protect taxpayer