Michaela
The Texas House of Representatives has advanced Senate Bill 21 with a 101-42 vote on its third reading, bringing the state one step closer to creating an official Bitcoin reserve. If signed into law, the measure would authorize the Texas comptroller to oversee the reserve.
The proposed legislation aiming to create a strategic Bitcoin reserve in Texas is now headed to Governor Greg Abbott’s desk, where he will decide whether to sign it into law or issue a veto.
If signed into law, SB 21 would authorize Texas Comptroller Glenn Hegar to invest in cryptocurrencies that have maintained a market capitalization of over $500 billion in the past year. As of now, Bitcoin is the only digital asset that qualifies under this threshold.
Texas State Representative Giovanni Capriglione, an advocate for Bitcoin, described the bill’s passage as a critical step toward establishing Texas as a leader in the digital economy through the creation of a strategic Bitcoin reserve. “Now, we embrace a modern asset with traditional properties for future promise,” Capriglione stated.
If Governor Abbott signs SB 21 into law, Texas will follow New Hampshire as the second state in the U.S. to officially establish a state-backed cryptocurrency reserve.
Discussions surrounding the establishment of a Bitcoin reserve have gained significant momentum in recent weeks, following President Donald Trump’s executive order to create a U.S. Bitcoin reserve and cryptocurrency stockpile.
In addition to U.S. states exploring the creation of their own Bitcoin reserves, several other countries are also considering similar initiatives.
Last week, Panama City Mayor Mayer Mizrachi appeared to endorse the idea of establishing a municipal Bitcoin reserve after meeting with El Salvador’s top Bitcoin policy advisors.
In a succinct post on X, Mizrachi simply wrote “Bitcoin Reserve” following his meeting with well-known Bitcoin proponents Max Keiser and Stacy Herbert, though he did not elaborate on the conversation.
Although Bitcoin reserves have gained considerable support, many countries and U.S. states continue to approach the concept with caution. The United Kingdom, for example, has dismissed plans for a national Bitcoin reserve. Speaking at the Financial Times Digital Asset Summit in London, Emma Reynolds MP, Economic Secretary to the Treasury, confirmed that acquiring Bitcoin is not included in the UK’s financial strategy.
In a similar move, Arizona Governor Katie Hobbs vetoed legislation that would have permitted the state to create a crypto reserve. Her decision drew criticism from both local community members and federal officials.
As the debate over state-backed cryptocurrency reserves intensifies, the outcomes of these initiatives will likely influence broader discussions on the role of digital assets in public finance and economic policy.
Read More
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
