Texas Governor Greg Abbott Has Shown Support for a Bill to Create a Strategic Bitcoin Reserve for the State

The governor's consistent positionBill SB 21, passed by the state legislature, now awaits the governor's decision. The document was introduced about three months ago and would create a statewide cryptocurrency reserve.

Texas Governor Greg Abbott has shown support for a bill to create a strategic Bitcoin reserve for the state.

The governor's consistent position

The bill, SB 21, passed by the state legislature, now awaits the governor's decision. The document was introduced about three months ago and would create a statewide cryptocurrency reserve.

Abbott's stance on cryptocurrencies has developed over several years. Back in 2021, he openly described himself as a "supporter of cryptocurrency legislative proposals," and in 2024, he declared his intention to turn Texas into a "crypto capital." The state is among the U.S. jurisdictions actively considering the creation of strategic cryptocurrency reserves following the 2024 presidential election.

Pioneers and followers

Texas isn't alone in its ambitions. On May 6, New Hampshire Governor Kelly Ayotte became the first to sign the state's Bitcoin reserve law. Arizona Governor Katie Hobbs rejected the Bitcoin reserve proposal but approved a law allowing the state to claim ownership of unclaimed crypto assets.

Half of U.S. states considering Bitcoin reserves

About half of the 50 American states are considering the possibility of creating a Bitcoin reserve, but some are rejecting such initiatives.

Federal ambitions

At the federal level, in March, President Trump signed an executive order creating a "Strategic Bitcoin Reserve" and a "Digital Asset Repository." However, as of May 26, Congress had yet to codify the executive order into law.

Wyoming Senator Cynthia Lummis is leading the effort to pass the BITCOIN (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide) Act. The bill was reintroduced days after Trump's executive order.

On March 11, the document was sent to the Senate Banking Committee, but the timeline for consideration and a vote remains uncertain. The Senate will likely focus first on debating the Payment Stablecoin Regulation Act, also known as the GENIUS Act. Some lawmakers expect a vote on the issue by Memorial Day.

Abbott's decision could be an important step in shaping U.S. crypto policy at the state level. Texas, with its significant economy and influence, has the potential to set the tone for other jurisdictions pondering the creation of their own digital reserves.