The Texas Bitcoin Reserve Bill, known as SB 21, is progressing within the Texas legislature, moving to its crucial second reading scheduled for May 20, 2025. This legislative step marks a significant advancement for institutional Bitcoin adoption and could establish Texas as a leading crypto-friendly state.
If passed, the bill mandates the Texas Comptroller to maintain custody of all Bitcoin held in the state’s Strategic Bitcoin Reserve, responsible for secure storage, management, and reporting of these assets. Additionally, Texas officials could accept Bitcoin payments from residents, with a required five-year holding period, positioning Bitcoin as a strategic state asset to bolster economic strategy and financial credibility.
Dennis Porter, CEO of the Satoshi Action Fund, is an active advocate for the bill. He stresses the urgency of the legislative timeline since the Texas legislature is set to adjourn soon after the bill’s reading. The swift progress reflects growing governmental interest in Bitcoin, reinforcing its legitimacy as a financial asset and signaling increased institutional demand. This move aligns Texas with other U.S. states considering government-held Bitcoin reserves and may have notable regulatory, financial, and market implications.