The Texas Senate has approved Senate Bill 21 (SB-21), which seeks to establish a strategic reserve for Bitcoin and other cryptocurrencies.
The bill passed with a 25-5 vote, signaling strong support among lawmakers, and now awaits the governor’s approval to become law.
The proposed legislation aims to create a Bitcoin reserve for the state, diversifying Texas’ cash reserves and providing a hedge against inflation and economic instability.
Supporters argue that this move will help safeguard the state’s financial health amid unpredictable economic conditions.
Senator Charles Schwertner, who sponsored the bill, has been a vocal proponent of the initiative.
Schwertner believes that adopting a Bitcoin reserve will keep Texas at the forefront of financial innovation.
He views digital assets as a crucial tool for securing state finances, both as a defensive measure and a way to capitalize on emerging financial technologies.
If signed into law, Texas would become one of the first states in the U.S. to officially incorporate digital assets into its financial strategy.