Texas lawmakers have pushed forward a Bitcoin strategic reserve bill, raising questions about potential federal adoption
Texas is moving closer to becoming the first U.S. state to hold Bitcoin in its treasury after the Senate Banking Committee unanimously approved Senate Bill 21 (SB-21) on Thursday.
The Texas bill grants the state’s Comptroller of Public Accounts the authority to acquire, trade, and manage Bitcoin and other digital assets as part of a broader financial strategy.
Lawmakers argue that Bitcoin’s decentralized and auditable nature makes it a viable asset for state reserves.
“The establishment of a strategic Bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state,” the bill states.
Arizona and Utah lead state-level crypto reserve efforts
Texas is not alone in its push for a Bitcoin reserve. On the same day, the Arizona Senate passed the Strategic Digital Assets Reserve bill (SB 1373) in a 17-12 vote, advancing it to the state’s House of Representatives.
Meanwhile, 18 U.S. states have crypto reserve bills pending Senate votes, and Utah is currently leading the state-level race, with its crypto reserve bill further along in the legislative process.
Dennis Porter, founder of pro-Bitcoin policy nonprofit Satoshi Action Fund, emphasized today on X that “[Whether] you like it or not, legislation will happen”.
The push for a Bitcoin reserve aligns with U.S. President Donald Trump’s January 23 executive order, which directed a commission to study the feasibility of a “digital asset stockpile” at the federal level.
In addition, Wyoming Senator Cynthia Lummis proposed the BITCOIN Act in July 2024, which would formalize Bitcoin’s role in federal reserves.
Supporters see Bitcoin as a transparency solution, but skeptics remain
Bitcoin advocates argue that the bill is a necessary step toward financial modernization and transparency.
Pierre Rochard, vice president of research at Bitcoin mining company Riot Platforms, testified on February 19 at the Texas Senate Committee on Business and Commerce hearing in support of SB-21, highlighting Bitcoin’s transparency.
“Public trust in financial institutions has eroded due to a lack of transparency, but Bitcoin is a unique asset because it is fully auditable,” he said during the hearing, and later reiterated on X.
However, not everyone sees the bill as a game-changer. Iliya Kalchev, an analyst at Nexo, a crypto lending and exchange platform, downplayed its immediate impact, arguing that more specific policy would need to be implemented in order for it to have a significant impact.
“Unless specific policies are enacted—like Texas actively acquiring BTC—the markets will have a lukewarm response to the news,” he said in an interview with CoinTelegraph.
With the bill now moving to the full Senate for a vote, Bitcoin supporters argue that establishing a reserve is a proactive step to safeguard Texas’ economy against potential downturns. As Pierre Rochard put it:
“Texas currently has a flourishing economy, but it must be prepared for future economic downturns and fiscal uncertainty.”
