Texas lawmakers have advanced the Strategic Bitcoin Reserve (SBR) bill to the final stage, which could make it the third state in the US with crypto reserves. This move follows the steps of Arizona and New Hampshire, which recently signed two SBR bills into law.
Texas Bitcoin Reserve’s Fate To Be Decided By June 2
On Wednesday, the Texas House Committee on Delivery of Government Efficiency (DOGE) passed Senate Bill 21 (SB 21), advancing to the next legislative stage.
Sponsored by State Senator Charles Schwertner, the bill aims to establish the Texas Strategic Bitcoin (BTC) Reserve, allowing the state’s comptroller to invest in crypto assets with a market capitalization of at least $500 billion over the past twelve months.
The House Committee passed SB 21 in a 9-4 vote with no amendments, and with no more referred Committees, it will proceed to the final House floor vote. Notably, the bill swept the Texas Senate in a 25-5 vote two months ago.
Texas advances SB 21 to the final voting stage. Source: Bitcoin Laws on X
Pierre Rochard, CEO of The Bitcoin Bond Company, affirmed that it is likely that Texas will have an SBR, but noted that the “big open question is how much BTC will be acquired.”
Notably, Senator Schwertner initially filed the crypto legislation in January as Senate Bill 778 (SB 778), which imposed a $500 million annual cap on BTC purchases and had more restrictive oversight and security measures.
In February, he refiled the bill as SB21, removing the annual purchasing limit and expanding the legislation’s reach to include other crypto assets that met the $500 billion market capitalization threshold.
Julian Fahrer, Bitcoin Laws founder, suggested that the final decision on SB 21 should be known within the next three weeks at the latest, as the Texas legislature adjourns on June 2. If the legislation passes the vote by all members of the House, it would be headed to the governor’s desk to be signed or vetoed.
US SBR Race Continues
Texas follows the steps of New Hampshire and Arizona, which became the first two states with a Strategic Bitcoin Reserve in the US. On Tuesday, New Hampshire’s governor, Kelly Ayotte, announced she had signed House Bill 302 (HB 302) into law, allowing the state to invest up to 5% of its public funds into digital assets with at least a $500 billion market cap, like BTC, and precious metals.
Similarly, Arizona’s governor, Katie Hobbs, signed House Bill 2749 (HB 2740) on Wednesday, “technically creating AZ’s first crypto reserve,” detailed Bitcoin Laws. The legislation doesn’t allow investments, but enables the state to move unclaimed assets, airdrops, and staking rewards into a reserve.
The policy tracking platform affirmed that this is a significant move as it shows Governor Hobbs is “willing to enact pro-crypto legislation” after vetoing Senate Bill 1025 (SB 1025) last week.
As reported by Bitcoinist, the governor vetoed the “Arizona Strategic Bitcoin Reserve Act” because crypto assets were too “untested” for the state’s retirement fund. The bill would have allowed public funds in Arizona, such as the state treasurer or state retirement system, to invest up to 10% of their assets under management in cryptocurrencies, focusing on BTC.
The crypto-friendly sign from Hobbs is crucial as Senate Bill 1373 (SB 1373), another SBR that doesn’t include retirement fund investment, is headed to her desk after passing the final Senate vote 17-11 on May 6.
BTC trades at $99,480 in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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