Texas Lawmakers Refile Strategic Bitcoin Reserve Bill

According to Cointelegraph, Texas lawmakers have reintroduced a bill aimed at establishing a Strategic Bitcoin Reserve, with the potential to include investments in other qualifying cryptocurrencies. The bill, known as SB 21, was refiled by Texas state Senator Charles Schwertner on February 12. Schwertner expressed gratitude to Lieutenant Governor Dan Patrick for prioritizing the bill as one of the Senate's top 40 initiatives. The refiled SB 21 differs slightly from its predecessor, SB 778, which was introduced in mid-January. The earlier version allowed the state to purchase and hold Bitcoin as a strategic asset but restricted its use for other state operations unless explicitly authorized. The new bill aims to broaden the scope by allowing investments in other digital assets, provided they have maintained a market capitalization of at least $500 billion over the past year. Currently, only Bitcoin meets this criterion. The legislation establishes the reserve as an investment vehicle, enabling the state to actively buy, sell, and manage crypto assets to enhance financial security and economic resilience. It also shifts more control to financial experts, contrasting with SB 778, which placed control in the hands of state legislators and imposed stricter security, oversight, and funding rules. Riot Platforms' vice president of research, Pierre Rochard, noted that the new legislative text is "very bullish," highlighting the removal of the annual buying limit of $500 million, allowing the legislature to allocate as much as it deems necessary for Bitcoin savings. Currently, 19 U.S. states have proposed similar bills, with Arizona and Utah advancing legislation beyond the House committee level. North Carolina recently filed legislation to permit state investments in Bitcoin exchange-traded products, while North Dakota has rejected crypto investment legislation. The evolving landscape of cryptocurrency legislation across the United States reflects a growing interest in integrating digital assets into state financial strategies.