A Texas House committee has passed a Republican-led bill that could soon make the Lone Star State the first in the U.S. to establish a government-controlled Bitcoin reserve. Senate Bill 21 (SB 21), which proposes the creation of the “Texas Strategic Bitcoin Reserve,” cleared the House Committee on Delivery of Government Efficiency on May 7 with a 9–4 vote split along party lines. The bill had previously passed the Texas Senate on March 6 in a 25–5 vote.
Texas Bill Aims to Make Bitcoin a Strategic Asset
SB 21 tasks the Texas Comptroller — currently Glenn Hegar — with overseeing the reserve and allows the state to invest in digital assets that have maintained a market capitalization of at least $500 billion over the previous year. At present, only Bitcoin qualifies. The initiative began as a Bitcoin-only proposal introduced by Republican Senator Charles Schwertner in January but was later refiled to potentially include other qualifying digital assets.
If SB 21 secures a full floor vote in the House, it will head to Governor Greg Abbott’s desk for final approval. The Texas legislature adjourns on June 2, leaving less than a month for the bill to clear its final hurdle. Bitcoin Laws founder Julian Fahrer noted on X that this will be a crucial timeline for the bill’s fate.
Governor Abbott has previously expressed strong support for crypto initiatives, branding Texas as the future “crypto capital” of the U.S. and accepting Bitcoin donations during his 2014 campaign.
Other States Join Crypto Policy Surge But Florida Moves in Opposite Direction
The Texas momentum coincides with similar crypto-friendly moves in other U.S. states. On the same day as the Texas committee vote, Arizona Governor Katie Hobbs signed legislation enabling the state to manage unclaimed crypto and create a Bitcoin and Digital Asset Reserve Fund — all without using taxpayer money. Arizona’s policy also allows the state to stake abandoned crypto to earn rewards or receive airdrops.
Just a day earlier, New Hampshire Governor Kelly Ayotte signed House Bill 302 into law, permitting the state’s treasury to invest in cryptocurrencies with market caps exceeding $500 billion.
In contrast, Florida lawmakers removed two proposed Bitcoin reserve bills from consideration on May 3, amid a legislative session that saw 230 other bills passed — ranging from fluoride bans in water to smartphone restrictions in schools.
