Texas lawmakers have reintroduced a bill to establish a Strategic Bitcoin Reserve, broadening its scope to include other high-market-cap cryptocurrencies while granting the state more investment flexibility. The new proposal, SB 21, replaces an earlier version, SB 778, with significant changes that allow Texas to actively manage its crypto holdings rather than simply hold Bitcoin as a reserve asset.
State Senator Charles Schwertner, who spearheaded the bill, emphasized that the initiative would position Texas as a leader in financial innovation and economic security. He expressed gratitude to Lieutenant Governor Dan Patrick, who designated SB 21 as one of the Senate’s top 40 priority bills, signaling strong institutional support for the move.
Key Differences Between SB 21 and SB 778
Unlike its predecessor, SB 21 removes the restriction limiting Texas to only purchasing Bitcoin, though any additional assets must have a market capitalization of at least $500 billion for the past year—a threshold that currently only Bitcoin meets.
Additionally, SB 21 establishes the reserve as an investment vehicle, allowing the state to buy, sell, and manage digital assets more dynamically. This shift gives greater authority to financial professionals, whereas SB 778 placed decision-making power primarily in the hands of state legislators with stricter oversight rules.
Riot Platforms vice president of research, Pierre Rochard, noted that the revised bill is significantly more bullish, removing the $500 million annual cap on Bitcoin purchases. This means the Texas legislature can allocate unlimited funds toward its Bitcoin strategy, reinforcing the state’s commitment to long-term adoption.
Texas Leads
Texas is one of 19 U.S. states actively considering Bitcoin-related legislation, as an increasing number of local governments explore digital asset investment strategies.
However, not all states are on board. North Dakota recently rejected a crypto investment bill, signaling ongoing regulatory caution among some lawmakers.
As Texas continues to push forward with its Bitcoin reserve plan, the proposed legislation could set a precedent for other states looking to integrate digital assets into their financial strategies.
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