The Texas Senate has approved a Bitcoin strategic reserve bill, SB-21, with a vote of 25-5 on March 6. Senator Charles Schwertner, who sponsored the bill, believes it will strengthen Texas’ financial position by allowing the state to hold a valuable asset like Bitcoin, which he compares to gold rather than the US dollar. Initially introduced in January 2025 as a Bitcoin-only proposal, the bill was modified in February to include other digital assets. This change came after an executive order from President Donald Trump aimed at studying the feasibility of a “digital asset stockpile.” More updates on this evolving story will be shared as they arise.
The Texas Senate has made a significant move towards cryptocurrency with the recent passage of Bill SB-21, designed to establish a Bitcoin strategic reserve. On March 6, the bill received overwhelming support, passing with a 25-5 vote. This legislation highlights Texas’s forward-thinking approach to digital assets and aims to bolster the state’s financial stability.
Senator Charles Schwertner, who championed the bill, emphasized that Bitcoin serves as a “valuable and scarce asset,” which can enhance Texas’s balance sheet. The Senate also clarified concerns about Bitcoin competing with the US dollar, asserting that it should be viewed more similarly to gold rather than as a direct alternative to traditional currency.
This strategic reserve bill initially focused solely on Bitcoin but was broadened in February to include other digital assets. The decision followed an executive order from former President Donald Trump, which called for a study on the feasibility of a national digital asset stockpile. The implications of this bill could reshape how Texas interacts with cryptocurrencies, placing it at the forefront of the digital finance movement.
In summary, Texas’s proactive stance on Bitcoin not only showcases its commitment to innovation in financial strategies but also sends a strong message about the growing acceptance of cryptocurrencies in traditional finance.
For more details about the bill and its potential effects on the crypto Market, visit the Texas State Senate’s official documentation.
Tags: Texas, Bitcoin, cryptocurrency, digital assets, SB-21
What is the Bitcoin strategic reserve bill in Texas?
The Bitcoin strategic reserve bill is a new law in Texas that allows the state to hold Bitcoin as a part of its financial assets. This means Texas can invest in Bitcoin to potentially increase its revenue.
Why did Texas decide to pass this bill?
Texas passed this bill to help diversify its investment strategy. By including Bitcoin, the state aims to benefit from the growth and potential profits that come from the cryptocurrency Market.
How will this bill impact Texas residents?
The impact on Texas residents might be indirect. If the investment in Bitcoin proves profitable, it could lead to increased funds for public services, infrastructure, and other community projects.
Is Bitcoin legal in Texas?
Yes, Bitcoin is legal in Texas. Residents can buy, sell, and use Bitcoin just like any other form of currency. The new bill simply allows the state to hold Bitcoin as part of its official reserves.
What are the risks associated with the Bitcoin strategic reserve?
Like all investments, holding Bitcoin comes with risks. The price of Bitcoin can be very volatile, meaning it can go up and down quickly. This could affect the state’s finances depending on how the Market behaves.
