The Texas Senate Business & Commerce Committee has unanimously approved the bill, which will now move to the state Senate for further discussions.
On February 27, the Texas Senate Business & Commerce Committee approved the Strategic Bitcoin Reserve (SB 21) bill with a unanimous 9-0 vote.
The legislation, introduced by Senator Charles Schwertner, will now proceed to the Senate for further review and evaluation. During this phase, lawmakers will assess the potential benefits and risks of a state-held Bitcoin reserve. The outcome of this review will determine whether the bill continues its legislative process or is halted.
The proposal aims to establish a special fund, separate from the state’s general revenue fund, allowing Texas to hold Bitcoin as a financial asset, with an investment cap of 1% of general revenue for purchases.
In addition to SB 21, Texas has introduced another Bitcoin-related bill, proposed by Representative Giovanni Capriglione. This legislation focuses on accumulating Bitcoin through taxes, fees, and donations, with a requirement to hold the assets for at least five years.
