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Texas is on the verge of becoming the third U.S. state to establish a state-managed Bitcoin.\u00a0<\/p>\n
The Texas Strategic Bitcoin Reserve and Investment Act, SB 21<\/a>, was approved<\/a> by the House of Representatives with a vote of 101-42. The bill now heads to Governor Greg Abbott\u2019s desk for final approval.<\/p>\n SB 21 would authorize the state comptroller to invest in Bitcoin and, potentially, other cryptocurrencies with a market cap exceeding $500 billion over the past 12 months.\u00a0<\/p>\n Currently, Bitcoin is the only asset that qualifies. The legislation also directs the creation of a formal Bitcoin reserve, positioning the state to diversify its financial strategy with digital assets.<\/p>\n The bill\u2019s sponsor, State Senator Charles Schwertner, and House advocate Rep. Giovanni Capriglione, framed the initiative as a move to secure Texas\u2019s leadership in digital innovation.\u00a0<\/p>\n <\/p>\n If signed, Texas will join New Hampshire and potentially Arizona in establishing a Bitcoin reserve. However, not all states have embraced the idea.\u00a0<\/p>\n Governors in Arizona and Montana recently vetoed or blocked similar proposals, citing the volatility of cryptocurrency markets.<\/p>\nState\u2019s embrace of Bitcoin<\/h2>\n