Texas Senate Advances Bitcoin Strategic Reserve Bill

According to Cointelegraph, Texas Senate Bill 21 (SB-21), which proposes the establishment of a Bitcoin and cryptocurrency strategic reserve, has successfully passed the Texas Senate Banking Committee with a unanimous 9–0 vote. The bill now moves to the Senate floor for further discussion. This legislation grants the Texas Comptroller of Public Accounts the authority to manage investments in a manner consistent with prudent investor standards, emphasizing the potential of Bitcoin and other cryptocurrencies as hedges against inflation and economic instability. The strategic reserve aims to enhance financial security for Texas residents. Several other U.S. states, including Oklahoma, Arizona, and Utah, are considering similar Bitcoin strategic reserve bills to diversify their financial reserves and mitigate the impact of rising U.S. dollar inflation. The Texas bill, initially introduced by State Senator Charles Schwertner in January 2025, was originally focused solely on Bitcoin. However, it was revised in February 2025 to include other digital assets following an executive order by U.S. President Donald Trump on January 23, which directed a commission to explore the feasibility of a digital asset stockpile. During a public hearing on February 18, Nexo analyst Iliya Kalchev commented that the hearing was largely symbolic and unlikely to significantly influence Bitcoin adoption or market prices unless Texas actively incorporates Bitcoin into its investment portfolio. Pierre Rochard, a Bitcoin advocate and vice president of research at Riot Platforms, testified in support of the bill, emphasizing the need for Texas to prepare for potential economic challenges despite its current economic prosperity. Rochard highlighted Bitcoin's transparency and auditability as key advantages in restoring public trust in financial institutions.