BREAKING: Texas House Committee ADVANCES Key Bitcoin Bill (SB 21) Towards Floor Vote

Exciting news from the Lone Star State! The **Texas Bitcoin bill** aimed at creating a state strategic Bitcoin reserve has successfully cleared a significant hurdle in the Texas House, moving closer to becoming law. This development is a key moment for **Texas crypto** enthusiasts and observers of state-level digital asset adoption.

Understanding the Texas Bitcoin Bill’s Journey

The proposed legislation, known as **SB 21 Texas**, has been navigating the state’s legislative process. It originated in the Senate, where it passed with a substantial 25-5 vote in March. Its recent success came in the Texas House Committee on Delivery of Government Efficiency, where it advanced with a 9-4 vote on May 7. This bipartisan support in the committee stage, albeit along party lines, signals the bill’s momentum.

What SB 21 Texas Aims to Achieve

**SB 21 Texas** is designed to establish the “Texas Strategic **Bitcoin Reserve**.” Here are the key points about this proposed reserve:

• **Control:** It would be managed by the state’s comptroller, currently Glenn Hegar.
• **Investment Criteria:** The comptroller would be permitted to invest in digital assets that have maintained a market capitalization of at least $500 billion over the preceding twelve months.
• **Current Scope:** Based on the current market, this criterion primarily includes Bitcoin (BTC).
• **Evolution:** The bill was initially introduced as a Bitcoin-only proposal but was later refiled to allow for the potential inclusion of other large-cap digital assets.

This initiative reflects a growing interest among states in exploring digital assets for potential strategic reserves.

The Vision Behind a State Bitcoin Reserve

The concept of a state **Bitcoin reserve** is gaining traction, with Texas being a prominent example. The rationale often cited includes diversifying state assets, potentially hedging against inflation, and positioning the state as a leader in financial innovation. For Texas, a state with significant energy resources relevant to Bitcoin mining, exploring digital assets aligns with its broader economic interests. The comptroller’s role is crucial here, as they would oversee the management and investment decisions for the reserve.

Texas Crypto Ambitions and Governor Abbott’s Stance

Texas has openly expressed ambitions to become a hub for the **Texas crypto** industry. Governor Greg Abbott has been a vocal supporter, previously stating his desire to make Texas the “crypto capital” of the US. His history includes accepting Bitcoin donations for his campaign as far back as 2014. If **SB 21 Texas** successfully passes the full House floor vote, it will proceed to Governor Abbott’s desk, where it is anticipated to receive favorable consideration given his supportive stance on digital assets.

A National Trend in Bitcoin Law

The progress of the **Texas Bitcoin bill** is not happening in isolation. It’s part of a broader trend across the United States where states are exploring or enacting **Bitcoin law** and digital asset regulations. Just recently, Arizona’s governor signed a law allowing the state to keep unclaimed crypto and establish a reserve fund using non-taxpayer funds. New Hampshire also enacted legislation permitting its treasury to invest in large-cap cryptocurrencies. While states like Florida have seen similar bills fail, the legislative push in states like Texas, Arizona, and New Hampshire indicates a growing interest in integrating digital assets into state financial strategies.

What’s Next for SB 21?

The fate of this significant piece of **Bitcoin law** in Texas now rests with a full floor vote in the House. The Texas legislature is scheduled to adjourn by June 2, meaning a decision on **SB 21 Texas** is expected relatively soon. A successful vote would send the bill to the Governor for final approval.

Conclusion

The Texas House committee’s passage of **SB 21 Texas** marks a crucial step towards potentially establishing a state **Bitcoin reserve**. This move underscores Texas’s commitment to fostering the **Texas crypto** environment and exploring innovative financial strategies. As the bill heads for a full floor vote, the outcome will be closely watched by those interested in the future of **Bitcoin law** and state-level digital asset adoption across the US.