- Texas advances Bitcoin reserve bill; only BTC meets $500B asset rule.
- Arizona and New Hampshire pass laws to hold BTC in state reserves.
- Bitcoin tops $99K, fueling state-level moves for crypto fiscal policies.
Texas has moved one step closer to creating a state-level Bitcoin reserve after a House committee passed Senate Bill 21. The bill, which initially passed the Senate in March with a 25-5 vote, cleared the House Committee on Delivery of Government Efficiency on May 7 in a 9-4 vote.
The bill will now head to the full floor for consideration. If passed, the legislation will allow the state’s comptroller to invest in digital assets with a market capitalization above $500 billion. At present, only Bitcoin qualifies under that criterion.
Texas Advances Bitcoin Reserve Bill to Full Vote
Republican Senator Charles Schwertner introduced the bill in January, initially focused solely on Bitcoin. The bill was refiled in February to potentially include other eligible digital assets. Supporters of the measure argue it will position Texas as a leader in digital finance.
The decision aligns with Governor Greg Abbott’s long-standing vision of transforming Texas into a hub for cryptocurrency innovation. Abbott, who accepted Bitcoin campaign donations in 2014, is expected to sign the bill if it reaches his desk before the June 2 legislative deadline.
Arizona and New Hampshire Enact Similar Legislation
Arizona Governor Katie Hobbs signed House Bill 2749 into law on May 7, marking a major step for the state’s cryptocurrency framework. The law allows Arizona to establish a Bitcoin and Digital Asset Reserve Fund, using only unclaimed or abandoned crypto assets.
It also authorizes the state to earn staking rewards and receive airdrops, which can be deposited into the fund. The measure received bipartisan support and reflects a coordinated effort to integrate digital assets into state-level financial systems.
This comes on the heels of a similar motion by New Hampshire, whereby Governor Kelly Ayotte signed House Bill 302 into law on May 6. According to the new law, the state treasury is now allowed to invest in cryptocurrencies whose market capitalization is greater than $500 billion.
In a similar fashion to Texas and Arizona, only Bitcoin qualifies as an acceptable form of currency in New Hampshire. Notably, all three states have pursued the creation of Bitcoin reserves with cross-party cooperation, underlining a shared policy interest beyond political divisions.
Florida Backs Away From Bitcoin Reserve Plans
As other states go forward towards holding Bitcoin as a reserve, Florida has chosen a different course of action. The Florida legislators prioritized two Bitcoin-related bills and subsequently suspended them from further status on May 3.
This decision came at a time when several bills concerning various issues of public interest were passed in the legislative session to the tune of over 200. The move effectively halts the state’s momentum toward digital asset reserves for the time being.
However, Florida’s decision should not overshadow the fact that there is a rising trend in the interest of individual states in the country towards Bitcoin. The states are reacting to other latest trends, such as a sharp increase in the price of each Bitcoin.
Bitcoin trading is above $99,000 this week due to the next ¥1 trillion stimulus from China. Generally, as the price rises to approach $100 thousand, it can be seen that state governments are interested in obtaining Bitcoin reserves as part of the states’ fiscal policies.
