Texas Takes a Big Step into the Future: A Bitcoin Reserve
The Texas Senate has passed a special law called Senate Bill 21 (SB 21). This bill wants to create a special fund for Bitcoin and other big cryptocurrencies. This is a big deal because it means Texas is one of the first states to really embrace cryptocurrency. Let’s learn more about this new law and what it means.
What is the Bill About?
The bill was first suggested by a state senator named Charles Schwertner in January 2025. At first, it was only about Bitcoin, but later it was changed to include other big cryptocurrencies too. The goal of the bill is to make a special fund outside the regular treasury. This fund would let the Texas comptroller buy, sell, or invest in Bitcoin and other big cryptocurrencies.
Why is the Bill Important?
People who support the bill say that having a Bitcoin reserve can help protect against economic problems and inflation, just like how gold is used in traditional markets. Senator Schwertner thinks Bitcoin is a good investment because it’s scarce and can be used in many ways. Some people also see this as a way for Texas to show it’s a leader in the crypto world and to say no to the federal government’s growing debt.
The Vote and What it Means
The Texas Senate voted 25 to 5 to pass SB 21, which shows that many senators support the idea. This comes at a time when more people are talking about Bitcoin reserves, even at the national level. If Texas can make this happen, it could be the first U.S. state to officially own Bitcoin as part of its financial plan. This could inspire other states to do the same.
How Will it be Funded and Managed?
No specific money has been set aside yet, but Senator Schwertner plans to ask for about $20 million for the next two years. The reserve will be managed by a group of crypto experts chosen by the comptroller. This will make sure that smart decisions are made.
What Does This Mean for Texas?
Looking Ahead
The Texas Senate’s vote to pass SB 21 is a big moment for the state. By wanting to create a Bitcoin reserve, Texas is showing it’s open to new ideas and wants to be strong economically. Now, everyone is watching to see if Texas can make this plan a reality. If it does, other states might follow.
—
Sources:
– Cointelegraph
– Quorum Report
– Bitcoin Magazine
– Happy Scribe
– U.Today