Texas Senate Reviews Strategic Bitcoin Reserve Bill

According to BlockBeats, the Texas Strategic Bitcoin Reserve Bill (Senate Bill 778) was submitted to the Senate Finance Committee on February 7. Proposed by Senator Charles Schwertner, the bill aims to establish a state-controlled Bitcoin reserve to enhance financial security and promote digital asset innovation. Key provisions of the bill include authorizing the Texas government to hold Bitcoin as a financial asset and allowing individuals, including state residents, to donate Bitcoin to the reserve to encourage community investment. The Texas Comptroller's Office would manage the reserve, implementing a cold storage solution and conducting regular audits. The bill also prohibits acquiring Bitcoin from foreign entities or individuals involved in illegal activities. In emergencies, the governor or the Legislative Budget Board could authorize the sale of Bitcoin from the reserve. Additionally, the bill proposes the creation of the Texas Strategic Bitcoin Reserve Advisory Committee, comprising state legislators and financial officials. The state legislature's funding for Bitcoin purchases would be capped at 1% of the state's unrestricted general revenue balance every two years. If passed by a two-thirds majority, the bill would take effect immediately; otherwise, it would become effective on September 1, 2025.