The Texas Senate has approved the Bitcoin strategic reserve bill SB-21 with a vote of 25-5 on March 6. Senator Charles Schwertner advocated for the legislation, highlighting its potential to strengthen Texas’s financial standing through Bitcoin, which he likened to gold rather than a competitor to the US dollar. Initially introduced in January 2025 as a Bitcoin-only bill, it was modified in February to include other digital assets following President Trump’s executive order that called for a study on a digital asset stockpile. This development marks a significant step in Texas’s approach to integrating cryptocurrencies into its financial framework. Further updates will be shared as the story progresses.
The Texas Senate has made a significant move by passing the Bitcoin strategic reserve bill, SB-21, with a vote of 25-5 on March 6. This legislation aims to allow Texas to bolster its financial reserves by acquiring Bitcoin, a digital asset viewed as both valuable and scarce. Texas State Senator Charles Schwertner advocates for this shift, believing that Bitcoin can help improve the state’s balance sheet.
Concerns about Bitcoin competing with the US dollar were addressed by lawmakers, who clarified that Bitcoin shares more similarities with gold than the dollar as a global reserve currency. Schwertner first introduced the bill in January 2025, focusing exclusively on Bitcoin. However, it was later refilled in February to encompass other digital assets, responding to a recent executive order from President Donald Trump.
As the federal government explores the idea of a digital asset stockpile, Texas is positioning itself as a leader in the digital currency space. If you are keen on the implications of this bill and how it might shape the future of finance in Texas, this developing story is one to keep an eye on.
Texas Bitcoin Reserve Bill Passed: What You Need to Know
– Texas Senate votes 25-5 in favor of SB-21.
– Senator Charles Schwertner argues for the merits of adding Bitcoin to state’s reserves.
– Lawmakers clarify that Bitcoin is not a competitor to the US dollar.
– The bill initially focused on Bitcoin but was later expanded to include other digital assets.
Stay tuned for more updates and insights as this story unfolds.
What is the Bitcoin strategic reserve bill?
The Bitcoin strategic reserve bill is a new law passed by the Texas Senate. It allows the state to invest in Bitcoin to hold as a part of the state’s financial reserves.
Why did Texas invest in Bitcoin?
Texas believes that investing in Bitcoin could help diversify its financial assets. This could potentially offer a hedge against inflation and increase the state’s overall financial strength.
How will the Bitcoin reserve be managed?
The bill outlines that the Texas state government will oversee the Bitcoin reserve, ensuring it’s managed safely and responsibly. They will follow strict guidelines to minimize risks.
What are the benefits of this investment?
The main benefits include potential growth in value over time and the opportunity for Texas to be a leader in cryptocurrency. This could attract more tech investments to the state.
Is this investment safe?
Like any investment, there are risks involved in Bitcoin. However, Texas aims to manage those risks carefully and follow best practices to protect its investment.
