The Texas Senate has advanced a bill on Thursday, establishing the state’s Bitcoin strategic reserve. Authored by State Sen. Charles Schwertner, Senate Bill 21 allows Texas to invest some of the public funds into Bitcoin.
This move places the Lone Star State at the forefront of a growing movement among U.S. states seeking to integrate cryptos into their financial portfolios.
The news comes a week after Sen. Schwertner described Bitcoin having “strategic potential for enhancing this state’s financial resilience.” He also emphasized that the largest crypto “can serve as a hedge against inflation and economic volatility.”
Lieutenant Governor of Texas Dan Patrick released a statement, stressing that Bitcoin’s “limited supply and decentralized nature make it a critical asset for Texas’ future.”
“Creating the Texas Bitcoin Reserve is a bold step for other states to follow. I stand with President Trump and hope to make Texas the epicenter of America’s digital future.”
In a bold move that underscores the growing acceptance of digital currencies, President Trump just signed an executive order setting up a strategic Bitcoin reserve.
New Hampshire, Utah Among Leading Contenders, Ready to Advance Bitcoin Bill
Following Texas’s lead in diversifying state finances into crypto, New Hampshire passed a bill, dubbed House Bill 302, on Wednesday.
As reported by Cryptonews, the legislation had a 16-1 vote on March 5, passing the Commerce and Consumer Affairs Committee. If signed into law, the bill would allow the state treasurer to allocate up to 5% of public funds into Bitcoin and other precious metals.
Utah, on the other hand, is just one vote away from the finish line, seeking to put public money into crypto. The state has so far made significant progress in passing legislation in this regard.
Dennis Porter, CEO of the Satoshi Action Fund, confirmed earlier that the bill had successfully cleared the Utah House. The Utah House Economic Development Committee advanced the bill – HB230 – with an 8-1 vote on January 28.
Though several US states are on the race to embrace cryptos into their state treasury, Montana and North Dakota made a setback in the process. Montana’s House of Representatives decisively voted down House Bill No. 429, aimed to establish BTC as the state reserve asset.
Meanwhile, President Trump recently announced to hold multiple cryptocurrencies in the nation’s stockpile, drawing criticisms from industry leaders.
What to Expect at Trump’s Crypto Meeting?
The industry has been awaiting Trump’s first White House Crypto Summit on March 7, which has attracted significant attention.
“The upcoming crypto meeting on Friday is likely to emphasize the Trump administration’s commitment to digital assets while tackling key concerns related to regulation and market stability,” James Toledano, COO at Unity Wallet, told Cryptonews via email.
According to Fox Business reporter Eleanor Terrett, the summit is expected to bring key industry participants including CEOs of Kraken, RobinHood, Coinbase, Strategy founder Michael Saylor, among others.
David Sacks, serving as the Trump administration’s Crypto Czar, is expected to come up with more innovation-driven digital asset policy.
Further, key regulatory figures including Mark Uyeda, Acting Chair of the SEC, and Caroline Pham, Acting Chair of the CFTC, are expected to outline similar crypto frameworks.
Bo Hines, Executive Director of the Presidential Crypto Working Group, will also propose in developing coherent policy strategies.
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