Texas Senate Bill 21 (SB-21), establishing a Bitcoin and cryptocurrency strategic reserve, passed the Texas Senate Banking Committee on Feb. 27 in a 9–0 vote and now advances to the Senate floor for further deliberation.
The bill gives the Texas Comptroller of Public Accounts the authority to acquire, sell and trade any investment “that a prudent investor exercising reasonable care, skill, and caution would acquire.” The bill also read:
“Bitcoin and other cryptocurrencies can serve as a hedge against inflation and economic volatility, and the establishment of a strategic bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state.”
Several US states have pending Bitcoin (BTC) strategic reserve bills, including Oklahoma, Arizona and Utah, to diversify state financial reserves and hedge against rising US dollar inflation.
Page one of SB-21 establishing a Bitcoin and digital asset reserve. Source: Texas State Senate
Related: Oklahoma BTC reserve bill passes House Committee; other states reject
Texas Bitcoin strategic reserve bill gets overhaul
The Texas strategic Bitcoin reserve legislation was introduced by State Senator Charles Schwertner in January 2025 as a Bitcoin-only bill that omitted the acquisition of other digital assets.
However, in February 2025, the bill was refiled to include other digital assets following US President Donald Trump’s Jan. 23 executive order directing a commission to study the feasibility of a “digital asset stockpile.”
President Trump signs an executive order on cryptocurrencies. Source: The White House
Nexo analyst Iliya Kalchev told Cointelegraph that the Feb. 18 public hearing for SB-21 was symbolic and was not a major BTC adoption or price catalyst.
Kalchev added that unless specific policies were enacted — like the state of Texas actively acquiring BTC as part of its portfolio — the markets would have a lukewarm response to the news.
Pierre Rochard, a Bitcoin advocate and vice president of research at mining company Riot Platforms, testified at the hearing for SB-21, arguing for a BTC strategic reserve.
The executive said that while Texas currently has a flourishing economy, it must be prepared for future economic downturns and fiscal uncertainty.
“Public trust and financial institutions have eroded due to a lack of transparency, but Bitcoin is a unique asset because it is fully auditable,” the executive added.
Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle
