Texas Senate advances bill to establish strategic Bitcoin and cryptocurrency reserve

From Cointelegraph

February 27, 2025 01:53 PM:

Texas Senate Bill 21 establishes a Bitcoin and cryptocurrency strategic reserve, passing the Texas Senate Banking Committee in a 9-0 vote. The bill allows the Texas Comptroller of Public Accounts to acquire, sell, and trade investments to hedge against inflation and economic volatility, advancing to the Senate floor for further consideration.

Introduced by State Senator Charles Schwertner, the Texas strategic Bitcoin reserve legislation underwent an overhaul to include other digital assets following President Trump’s executive order. Nexo analyst Iliya Kalchev noted that the recent public hearing for SB-21 was symbolic and may not have a significant impact on BTC adoption or price unless specific policies are enacted.

Bitcoin advocate Pierre Rochard testified at the SB-21 hearing, emphasizing the importance of a BTC strategic reserve for Texas to prepare for economic downturns and fiscal uncertainty. Rochard highlighted Bitcoin’s unique auditability, which can enhance public trust in financial institutions amid transparency concerns.

Read more at Cointelegraph: Texas Strategic Bitcoin reserve bill advances to Senate floor