Texas Bitcoin Reserve Bill clears key legislative hurdle, awaits final vote

• Texas advances SB 21 to establish a state-run Bitcoin Reserve.
• Ukraine plans Europe’s first national Bitcoin Reserve amid rising global crypto adoption.

Texas is on the verge of making history with Senate Bill 21, a legislative push to establish a state-controlled Bitcoin [BTC] Reserve.

Texas moves ahead with the State Bitcoin Reserve Bill

Backed by strong bipartisan support, the bill recently cleared its second reading in the Texas House with a decisive 105-23 vote and now awaits one final approval before heading to Governor Greg Abbott’s desk.

Originally inspired by initiatives in other states and buoyed by national momentum following former President Trump’s endorsement of state-level Bitcoin reserves, SB 21 incorporates mechanisms like those used in New Hampshire to govern which digital assets qualify for inclusion.

Under its current provisions, only altcoins with a sustained $500 billion market capitalization over 24 months would be eligible.

The bill’s trajectory, from rapid committee approval to Senate passage, highlights a growing appetite for sovereign crypto-backed reserves at the state level, positioning Texas as a potential pioneer in digital asset adoption.

Remarking on the same, a pro-crypto policy watchdog claimed, 

“Texas’ Strategic Bitcoin Reserve bill passes House second reading. SB 21 passed by a vote of 105 – 23. SB 21 was also amended to increase the length of time a digital asset’s market cap is under consideration for inclusion in the bill, from 12 to 24 months…making it harder to qualify.”

How will it impact Texas’s crypto ecosystem?

Texas’s push to formalize a Bitcoin Reserve traces its roots back to December of last year, when the idea first emerged under H.B. 1598.

The legislation proposes that the reserve hold Bitcoin, and potentially other digital assets, as a strategic safeguard against inflation and economic uncertainty.

According to the House committee’s version, the state comptroller would be required to submit biennial reports detailing the crypto holdings, their current valuation, and any changes over time.

An expert advisory panel composed of seasoned crypto investors would assist in managing the reserve’s assets.

This legislative momentum follows Texas’s rise as a dominant force in the U.S. crypto mining sector over the past two years.

However, before the bill can be enacted, it must pass a third reading in the House.

And since it was amended, the final version will require reconciliation between the House and Senate drafts before reaching the governor.

Is Texas following New Hampshire’s footsteps?

If Texas successfully pushes Senate Bill 21 into law, it could become the second U.S. state to establish a state-managed Bitcoin reserve, following New Hampshire’s lead earlier this month.

Arizona came close, but its governor ultimately vetoed the effort, passing only a related bill concerning unclaimed crypto.

Meanwhile, the idea of national or regional Bitcoin reserves is gaining global traction.

Ukraine, currently undergoing both conflict and digital transformation, is preparing to introduce legislation to create its own Bitcoin reserve.

Spearheaded by MP Yaroslav Zhelezniak, this move positions Ukraine to become the first European country to pursue such an initiative, signaling that the race to secure strategic crypto reserves is no longer confined to U.S. borders.