A Strategic Bitcoin Reserve bill, Senate Bill 21 (SB 21), has been passed by local legislators in Texas. The Texas House Committee on Delivery of Government Efficiency approved Senate Bill 21 after a 9-4 vote. With this approval, SB 21 has cleared one of the obstacles leading to Governor Greg Abbott.
Initially introduced by Republican Senator Charles Schwertner in January as a Bitcoin only proposal, SB 21 was later refiled in February to allow for other digital assets with a minimum $500 billion market cap over the past 12 months. Bitcoin is currently the only digital currency to meet this criterion.
Republican Senator Charles Schwertner introduced SB 21 in January, focusing solely on Bitcoin. Later, in February, he refiled it to include other digital assets. These assets must have held a $500 billion market cap for the past 12 months. Currently, only Bitcoin meets this requirement.
If approved, the bill lets the state comptroller manage the reserve and invest in approved crypto assets. It passed the Texas Senate on March 6 with a 25-5 vote. Moreover, by integrating Bitcoin into state reserves, Texas signals confidence in digital assets, potentially encouraging other states to consider similar measures.
Texan Lawmakers Introduced More Crypto-Related Bills
Data from Bitcoin Laws shows SB 21 is one of several crypto bills Texas lawmakers introduced this year. In March, lawmakers proposed HB 4258 to let the state comptroller invest $250 million from the Economic Stabilization Fund in crypto.
Earlier, in February, SB 778 was introduced to allow crypto tax payments and donations. It also mandates a five-year minimum holding period for state-held Bitcoin.
Texas’ Strategic Bitcoin Reserve Bill Impact on Crypto Casinos
This development also bodes well for crypto casinos. As state-level support for cryptocurrencies grows, these platforms may experience increased legitimacy and user trust. Clearer regulatory frameworks could lead to more consistent policies, benefiting both operators and players in the crypto casino industry.
Furthermore, Texas’s move aligns with a broader national trend. President Donald Trump recently signed an executive order to establish a federal Strategic Bitcoin Reserve, retaining approximately 200,000 bitcoins seized in criminal and civil cases.