Texas Senate Bill 21 (SB 21) Proposing a Bitcoin Reserve Clears Committee Vote and Heads to the House Floor

Texas joins Arizona and New Hampshire in the race to build state-level Bitcoin reserves amid growing national interest.

A major crypto milestone has been reached in Texas as Senate Bill 21 (SB 21), proposing the creation of a Texas Strategic Bitcoin Reserve, passed the House Committee on Monday.

The bill, which was previously approved by the Texas Senate in March, now moves to a full floor vote in the Texas House. If passed, it will head to Governor Greg Abbott for his signature. Abbott, a long-time crypto supporter, accepted Bitcoin donations back in 2014 and has repeatedly expressed his vision to make Texas the “crypto capital” of the U.S.

SB 21, filed by Republican Senator Charles Schwertner in January, initially focused solely on Bitcoin. However, it was later revised to include other digital assets with a market cap of $500 billion or more—a threshold that currently includes only Bitcoin. The reserve would be overseen by Texas Comptroller Glenn Hegar.

The Texas House committee approved SB 21 with a 9-4 vote, largely along party lines. It now advances to a vote by all members of the Texas House.

The bill's passage comes as no surprise, given the previous actions of the Senate and the bipartisan support it garnered during the session. SB 21's fate in the House will be decided quickly, as the session is set to conclude on June 2.

While Texas is making progress, Arizona has already taken the initiative. Governor Katie Hobbs signed legislation establishing a Bitcoin and Digital Asset Reserve Fund, which is independent of taxpayer money. Arizona can now stake unclaimed crypto, earn staking rewards, and receive airdrops to grow the fund.

Moreover, New Hampshire Governor Kelly Ayotte signed House Bill 302 on Monday, allowing the state treasury to invest in top cryptocurrencies with a $500 billion+ market cap—currently meaning Bitcoin-only. The bill passed the state House and Senate earlier this year.

The news from Florida is mixed, as the state suddenly pulled two Bitcoin reserve bills from its legislative schedule on Wednesday, May 3. This decision came despite Florida passing over 230 measures that day, including bills to ban smartphones in schools and fluoride in water.

On a broader note, Sweden is also exploring the idea of a national Bitcoin reserve. Following a proposal from a Swedish MP, the country's finance minister is now examining the possibility.

As the session in Texas is set to end on June 2, the final vote on SB 21 will determine whether Bitcoin will be included in Texas's treasury strategy.