Texas lawmakers have refiled a strategic Bitcoin reserve bill under a slightly different name, opening the door to investments in other qualifying cryptocurrencies.
“SB 21 would make our state the first to establish a Strategic Bitcoin Reserve and drive innovation, growth, and financial freedom,” said Texas state Senator Charles Schwertner on Feb. 12.
He also thanked Lieutenant Governor Dan Patrick for designating his bill to establish the Texas Strategic Bitcoin Reserve “as one of the Senate’s top 40 priority bills.”
“I’ve been told by the Lt. Governor’s office multiple times that this bill is a major priority,” said Satoshi Action Fund founder Dennis Porter in a post on X.
SB 21 differs slightly from SB 778, a similar strategic Bitcoin reserve bill that the Republican politician announced in mid-January.
The earlier legislation only permits the state to buy and hold BTC as a strategic asset and prevents its use for other state operations unless explicitly authorized.
Schwertner refiled the legislation “for the purpose of investing in cryptocurrency and the investment authority of the comptroller of public accounts over the reserve and certain other state funds” on Feb. 12.
The bill establishes the reserve as an investment vehicle, allowing the state to actively buy, sell, and manage crypto assets for financial security and economic resilience.
It also permits investments in other digital assets but stipulates that they must have had a market capitalization of at least $500 billion for the past twelve months. Currently, only Bitcoin (BTC) falls into this category.
Screenshot of SB 21 filing. Source: Texas Legislature Online
SB 21 also gives more control to financial experts, while SB 778 places control in the hands of state legislators and has stricter security, oversight, and funding rules.
Riot Platforms vice president of research, Pierre Rochard, commented that the new legislative text for the Texas SBR “is very bullish,” before adding “It removes the annual buying limit of $500 million, the legislature can appropriate as much as it wants to save BTC.”
Related: North Carolina House speaker files bill for state to invest in Bitcoin ETPs
There are currently 19 US states with a bill proposed, while Arizona and Utah have advanced legislation beyond the House committee level.
The most recent state to propose a crypto bill was North Carolina, which filed for legislation this week to allow the state to invest in Bitcoin exchange-traded products. North Dakota, meanwhile, has rejected legislation regarding crypto investments.
US SBR status by state. Source: Bitcoin Reserve Monitor
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