Texas Set to Establish Bitcoin Reserve: Waiting for Governor’s Approval

The Texas House of Representatives has just passed SB 21, which opens up the possibility of creating a Bitcoin reserve for the state.

The vote in the House showed significant support with a result of 101–42, after previously being strong in the second reading with 105–23.

Now, this bill only awaits the signature of Governor Greg Abbott, who is expected to approve it soon because he has expressed his support.

Inspired by New Hampshire

Based on information we quoted from the Beincrypto media, SB 21 adopts a similar approach as in New Hampshire, which allows digital assets to enter the public reserve.

However, Texas added a strict condition: only altcoins with a stable market capitalization of US$ 500 billion for 24 months can be considered, in addition to Bitcoin.

Solid Political Support

This bill has received cross-party support from the committee to the Senate. The subcommittee approved it unanimously (9–0), and in the Senate, the bill was passed with a 25–5 vote, reflecting around 80% of the votes in favor.

This support is driven primarily by pro-crypto Republican politicians, such as Lt. Gov. Dan Patrick.

Legislation Goes to Governor

After passing the Senate, SB 21 returns to the House for a final vote. With a Republican-leaning House majority, it has a good chance of passing.

If approved, the bill will be sent to Governor Abbott before the legislative session ends on June 2.

Implementation Opportunities and Challenges

While the bill does not mandate immediate Bitcoin purchases, it does allow Texas to use funds for crypto investments, which could benefit local industries, such as Texas Bitcoin miners.

While similar efforts have failed in other states due to budget concerns, momentum in Texas remains strong.

Governor Abbott Shows Support

Governor Abbott has been positive about the bill from the start, even on social media.

Analysts expect him to sign SB 21 as soon as it reaches his desk, making Texas a strong candidate for an official Bitcoin reserve after New Hampshire.

Crypto Impact and Prospects

If Texas is successful in establishing a Bitcoin reserve, the state could become a pioneer in the US, following in the footsteps of New Hampshire.

This move not only strengthens Bitcoin’s legitimacy, but also has the potential to drive institutional adoption and pave the way for more progressive crypto regulation at both the local and national levels.