Texas refiles Bitcoin reserve bill SB 21

Texas lawmakers have refiled a strategic Bitcoin (CRYPTO:BTC) reserve bill, SB 21, with the potential to include other cryptocurrencies.

The bill, introduced by State Senator Charles Schwertner on February 12, 2025, is a priority initiative for the Texas Senate, thanks to the support of Lieutenant Governor Dan Patrick.

SB 21 builds on its predecessor, SB 778, by broadening the scope of permissible investments.

While the original bill focused solely on Bitcoin, the new version allows for investments in digital assets that have maintained a market capitalisation of at least $500 billion over the past year—currently, only Bitcoin meets this requirement.

The bill establishes a state-controlled digital asset reserve and shifts management to financial experts, as opposed to the earlier proposal, which placed authority in the hands of state legislators.

Notably, the new bill removes the annual purchasing limit of $500 million, which has been seen as a positive development by industry experts like Pierre Rochard, VP of research at Riot Platforms.

If passed with a two-thirds majority, SB 21 would take effect immediately, otherwise, it would be effective on September 1, 2025. The bill aims to promote financial security and digital asset innovation in the state.

Texas Comptroller's Office would oversee the reserve, implementing a cold storage solution and conducting regular audits.

This move follows a broader trend across the U.S., with 19 states proposing similar legislation.

Notably, Arizona and Utah have moved beyond committee stages, while North Carolina recently filed legislation to enable state investment in Bitcoin exchange-traded products.

However, North Dakota has rejected similar crypto investment proposals.

At the time of reporting, the Bitcoin (BTC) price was $96,038.08.