Texas kicks off 89th legislative session with new strategic Bitcoin reserve bill
Texas state Senator Charles Schwertner introduced Senate Bill (SB 778) to create a Strategic Bitcoin Reserve, aiming to make Texas the first state to establish such a reserve. The bill proposes a special fund outside the general revenue fund for the state to own and hold Bitcoin (BTC) and accept public donations in BTC. It recognizes Bitcoin as a valuable digital asset that can enhance financial resilience and serve as a hedge against inflation. The bill includes provisions for secure storage, management systems, cold storage, and regular audits. A previous proposal by Representative Giovanni Capriglione (HB 1598) also aimed to establish a Bitcoin reserve. Other states, including Oklahoma, Pennsylvania, North Dakota, and New Hampshire, are considering similar legislation for strategic Bitcoin reserves.
