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Texas Senate Committee Unanimously Approves State Cryptocurrency Reserve Bill
The Texas Senate Banking Committee has given its unanimous approval to a bill aimed at establishing a state-managed cryptocurrency reserve. This development comes as part of the growing trend where several states in the US are considering investing in cryptocurrencies like Bitcoin and other digital assets.
Senate Bill 21 (SB-21), introduced by State Senator Charles Schwertner, received the necessary support during a committee vote on February 27, 2025. The bill would enable the Texas Comptroller of Public Accounts to acquire, manage, and trade these digital assets.
Initially, the proposed legislation focused solely on Bitcoin holdings; however, after President Donald Trump’s executive order in January 2025, Schwertner revised the bill to include other cryptocurrencies. This expansion mirrors the national initiative announced by the president, which tasked a federal commission with evaluating the possibility of creating a national digital asset reserve.
In defense of the bill, Pierre Rochard, vice president of research at Bitcoin mining company Riot Platforms, emphasized the transparent nature of Bitcoin. He pointed out that its audit trail makes it suitable for public financial management during a public hearing on February 18, 2025. While Texas is currently experiencing economic strength, Rochard cautioned about potential uncertainties in the future and advised the state to prepare for such challenges ahead.
Texas joins an increasing number of states exploring cryptocurrency reserves. To date, more than 20 states have introduced similar proposals. Oklahoma has already seen significant progress with its Bitcoin reserve legislation clearing a House committee and waiting for a floor vote. Arizona’s Senate Finance Committee has approved a more extensive proposal, which would allow up to 10% of public funds, including pension systems, to be invested in cryptocurrencies. In contrast, Utah is considering a more conservative approach that permits the state treasurer to allocate up to 5% of public funds to digital assets.
On the other hand, some states have opted against similar proposals. Montana, North Dakota, and Wyoming recently voted down Bitcoin reserve bills due to concerns regarding the volatile nature of cryptocurrencies and their speculative aspects.
As SB-21 moves on to the full Senate for debate and voting, there is no set date yet for this vote.
Source: https://blockonomi.com/texas-senate-committee-approves-state-cryptocurrency-reserve-bill/
