- Texas refiled a bill to establish a Strategic Bitcoin Reserve with broader investment authority.
- The new bill allows investments in cryptocurrencies with a $500 billion market cap.
- Texas lawmakers removed the $500 million annual Bitcoin purchase limit.
Texas lawmakers have introduced a revised bill to establish a Strategic Bitcoin Reserve. The updated bill, SB 21, expands investment authority beyond Bitcoin. The move aims to strengthen the state’s financial resilience and innovation in digital assets.
The state now acquires and deals with cryptocurrencies under the new framework of SB 778. It also shifts oversight from legislators to financial experts. This change ensures professional management of the state’s crypto investments.
Only Bitcoin Qualifies for Now
The legislation enables investments in cryptocurrencies that surpass $500 billion in marketplace valuation. Bitcoin stands as the sole cryptocurrency that satisfies this benchmark. Other digital assets may qualify if they reach the required market cap.
The updated legislation also removes the previous $500 million annual Bitcoin purchase limit. This change allows Texas to allocate more funds for Bitcoin investments as needed. Lawmakers believe this move will enhance the state’s financial stability.
Growing Interest in State-Level Bitcoin Adoption
Texas joins 19 other U.S. states considering Bitcoin investment legislation. Arizona and Utah have already advanced their bills beyond the House committee level. Meanwhile, North Carolina has filed a bill to invest in Bitcoin exchange-traded products.
Despite increasing support for Bitcoin reserves, some states remain hesitant. North Dakota recently rejected a bill proposing state-level crypto investments. However, the growing trend suggests more states may follow Texas’ lead.
