Bitcoin Bill Advances in Texas House

Texas House Advances Bitcoin Reserve Bill

• The Texas House passed Senate Bill 21 with a 105-23 vote.
• An amendment requires eligible cryptocurrencies to maintain a $500 billion market cap over 24 months.
• If enacted, Texas could become the second U.S. state with a government-managed Bitcoin reserve, following New Hampshire.
• The bill allows the state comptroller to manage crypto holdings as a “special fund outside the state treasury.”
• An advisory committee will guide reserve management, requiring biennial reports on crypto holdings and their value.

The Texas House of Representatives approved Senate Bill 21 with strong bipartisan support, advancing it to third reading. The bill proposes establishing a state-managed Bitcoin reserve, contingent on cryptocurrencies maintaining a specified market cap.