Texas Senator Files Bill to Establish First State-Level Bitcoin Strategic Reserve
Texas Senator Files Bill to Establish First State-Level Bitcoin Strategic Reserve
If inked into law, the bill would make Texas the first state in the U.S. to prioritize Bitcoin as a core strategy for economic growth and financial security.
Texas Senator Charles Schwertner is proposing Senate Bill 778-a Strategic Bitcoin Reserve-to further digital innovation and economic opportunity in SB 778. By the proposal’s adoption, it would create, for the first time anywhere, an integration by a US state of Bitcoin within that state’s general financial policy framework.
In a Twitter-thread-sized post on X, Schwertner declared the purpose of the bill-to place Texas in a leading position regarding the digital economy. “Bitcoin is a valuable digital asset with strategic potential to improve this state’s financial resilience,” the bill reads. It seeks to create, separate and distinct from the general revenue fund, an outside fund wherein Bitcoin shall be kept safe as an asset. Economic Resilience
Economic Resilience
“The establishment of a Bitcoin reserve further reinforces this state’s position favoring the pursuit of innovation regarding digital assets, ensuring a higher degree of financial security for residents,” Schwertner said.
This follows a proposal by Republican state Rep. Giovanni Capriglione in December 2024 to start accumulating a strategic Bitcoin reserve. That bill included accepting taxes, fees and donations in Bitcoin, reflecting the state’s broader interest in blockchain technology and decentralized finance.
Greater Bitcoin Adoption Throughout U.S. States
- Oklahoma: Senator Dusty Deevers introduced the Bitcoin Freedom Act, looking to embed Bitcoin into the state’s economic framework.
- Ohio: Republican leader Derek Merrin proposed adding Bitcoin to the state treasury as a hedge against economic uncertainty.
- Pennsylvania: Rep. Mike Cabell advocated allocating up to 10% of the state treasury’s balance sheet to Bitcoin, citing its potential for financial stability.
With Texas taking the lead in SB 778, other U.S. states are similarly considering their positions to integrate Bitcoin into their economies:
Alex Thorn, the head of Galaxy Digital’s research division, still argued that the U.S. federal government is unlikely to buy any more Bitcoin in 2025 but may work on how to manage existing ones.
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Texas Senator Files Bill to Establish First State-Level Bitcoin Strategic Reserve
Texas Senator Files Bill to Establish First State-Level Bitcoin Strategic Reserve
If inked into law, the bill would make Texas the first state in the U.S. to prioritize Bitcoin as a core strategy for economic growth and financial security.
Texas Senator Charles Schwertner is proposing Senate Bill 778-a Strategic Bitcoin Reserve-to further digital innovation and economic opportunity in SB 778. By the proposal’s adoption, it would create, for the first time anywhere, an integration by a US state of Bitcoin within that state’s general financial policy framework.
In a Twitter-thread-sized post on X, Schwertner declared the purpose of the bill-to place Texas in a leading position regarding the digital economy. “Bitcoin is a valuable digital asset with strategic potential to improve this state’s financial resilience,” the bill reads. It seeks to create, separate and distinct from the general revenue fund, an outside fund wherein Bitcoin shall be kept safe as an asset. Economic Resilience
Economic Resilience
“The establishment of a Bitcoin reserve further reinforces this state’s position favoring the pursuit of innovation regarding digital assets, ensuring a higher degree of financial security for residents,” Schwertner said.
This follows a proposal by Republican state Rep. Giovanni Capriglione in December 2024 to start accumulating a strategic Bitcoin reserve. That bill included accepting taxes, fees and donations in Bitcoin, reflecting the state’s broader interest in blockchain technology and decentralized finance.
Greater Bitcoin Adoption Throughout U.S. States
- Oklahoma: Senator Dusty Deevers introduced the Bitcoin Freedom Act, looking to embed Bitcoin into the state’s economic framework.
- Ohio: Republican leader Derek Merrin proposed adding Bitcoin to the state treasury as a hedge against economic uncertainty.
- Pennsylvania: Rep. Mike Cabell advocated allocating up to 10% of the state treasury’s balance sheet to Bitcoin, citing its potential for financial stability.
With Texas taking the lead in SB 778, other U.S. states are similarly considering their positions to integrate Bitcoin into their economies:
Alex Thorn, the head of Galaxy Digital’s research division, still argued that the U.S. federal government is unlikely to buy any more Bitcoin in 2025 but may work on how to manage existing ones.
Read More
Russian Logistics Firm Asks Moscow to Legalize Crypto Payments