Texas Bitcoin Reserve Bill Clears House Committee, Heads for Floor Vote

• The Texas House committee passed SB 21 to create a Bitcoin reserve controlled by the state comptroller.
• Arizona and New Hampshire enacted similar crypto reserve laws allowing asset management and investment.
• SB 21 permits only digital assets with a $ 500 B+ market cap; currently, only Bitcoin qualifies.

A proposed Bitcoin reserve bill in Texas advanced one step closer to becoming law after passing a key House committee. Senate Bill 21, which seeks to establish a state-controlled Bitcoin reserve, moved forward following a 9-4 vote along party lines on May 7. The Texas House Committee on Delivery of Government Efficiency passed the measure without amendments.

Senate Bill 21 Moves Toward Final Vote

The bill passed the Texas Senate on March 6 by a 25-5 vote. If it clears a full House floor vote, it will proceed to Governor Greg Abbott’s desk. Abbott received Bitcoin donations during his 2014 campaign and voiced support for making Texas a hub for digital asset activity.

The bill allows the Texas Comptroller, currently Glenn Hegar, to allocate state funds to eligible digital assets. These assets must have maintained a $500 billion market capitalization over the past 12 months. At this stage, BTC remains the only asset meeting that condition.

Scope of the Bill Adjusted Since Filing

Republican Senator Charles Schwertner initially introduced Senate Bill 21 in January as a Bitcoin-specific measure. However, the proposal was amended in February to include other qualifying digital assets in the future, potentially. The text now covers any digital asset with the required market capitalization threshold.

The legislation also seeks to create a ‘ Texas Strategic Bitcoin Reserve ’, managed directly by the state comptroller’s office. This reserve would not use private investor contributions or outside funding sources.

Bitcoin Laws founder Julian Fahrer said on X that the bill’s fate will be known by June 2, when the Texas legislative session concludes. If passed, this would mark a formal adoption of Bitcoin into the state’s treasury strategy.

Other States Advance Similar Crypto Reserve Measures

The Texas decision arrived the same day Arizona enacted its own crypto reserve law . Governor Katie Hobbs signed a bill permitting the state to manage unclaimed cryptocurrencies and create a dedicated reserve fund. 

Arizona may also stake abandoned crypto holdings and collect airdrops as part of the program. These earnings would be deposited into the state-managed digital asset reserve. New Hampshire also took legislative action earlier this week. Governor Kelly Ayotte signed House Bill 302 into law on May 6. 

The measure permits the state treasury to invest in cryptocurrencies valued at above $500 billion in market cap. Meanwhile, Florida legislators removed two proposed Bitcoin reserve bills on May 3. The session included passing other unrelated bills, including restrictions on smartphone use in schools and prohibiting fluoride additives in drinking water.