{"id":376293,"date":"2025-02-28T00:34:16","date_gmt":"2025-02-27T19:04:16","guid":{"rendered":"https:\/\/dripp.zone\/news\/texas-strategic-bitcoin-reserve-bill-advances-to-senate-floor-crypto-news\/"},"modified":"2025-02-28T00:38:02","modified_gmt":"2025-02-27T19:08:02","slug":"texas-strategic-bitcoin-reserve-bill-advances-to-senate-floor-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/texas-strategic-bitcoin-reserve-bill-advances-to-senate-floor-crypto-news\/","title":{"rendered":"Texas Strategic Bitcoin reserve bill advances to Senate floor &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div data-v-93e1f8b6=\"\">\n<p>Texas Senate Bill 21 (SB-21), establishing a Bitcoin and cryptocurrency strategic reserve, passed the Texas Senate Banking Committee on Feb. 27 in a 9\u20130 vote and now advances to the Senate floor for further deliberation.<\/p>\n<p>The bill gives the Texas Comptroller of Public Accounts the authority to acquire, sell and trade any investment \u201cthat a prudent investor exercising reasonable care, skill, and caution would acquire.\u201d The bill also read:<\/p>\n<blockquote><p>\u201cBitcoin and other cryptocurrencies can serve as a hedge against inflation and economic volatility, and the establishment of a strategic bitcoin reserve serves the public purpose of providing enhanced financial security to residents of this state.\u201d<\/p><\/blockquote>\n<p>Several US states have pending Bitcoin (<a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/bitcoin-price\" rel=\"null\" target=\"null\" text=\"null\" title=\"https:\/\/cointelegraph.com\/bitcoin-price\">BTC<\/a>) strategic reserve bills, including Oklahoma, Arizona and Utah, to diversify state financial reserves and hedge against rising US dollar inflation.<\/p>\n<figure><figcaption style=\"text-align: center;\">\n<p><em>Page one of SB-21 establishing a Bitcoin and digital asset reserve. Source: <\/em><a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/capitol.texas.gov\/tlodocs\/89R\/billtext\/pdf\/SB00021I.pdf#navpanes=0\" rel=\"nofollow noopener\" target=\"_blank\" text=\"null\" title=\"https:\/\/capitol.texas.gov\/tlodocs\/89R\/billtext\/pdf\/SB00021I.pdf#navpanes=0\"><em>Texas State Senate<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n<p><em><strong>Related: <\/strong><\/em><a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/oklahoma-btc-reserve-bill-passes-house-committee-states-reject\" rel=\"\" target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/news\/oklahoma-btc-reserve-bill-passes-house-committee-states-reject\"><em><strong>Oklahoma BTC reserve bill passes House Committee; other states reject<\/strong><\/em><\/a><\/p>\n<h2>Texas Bitcoin strategic reserve bill gets overhaul<\/h2>\n<p>The Texas strategic Bitcoin reserve legislation was <a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/texas-governor-bitcoin-reserve-priority-bill-2025\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">introduced by State Senator Charles Schwertner<\/a> in January 2025 as a Bitcoin-only bill that omitted the acquisition of other digital assets.<\/p>\n<p>However, in February 2025, the bill was <a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/texas-refiles-strategic-bitcoin-reserve-bill-more-investment-options\" rel=\"\" target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/news\/texas-refiles-strategic-bitcoin-reserve-bill-more-investment-options\">refiled to include other digital assets<\/a> following US President <a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/trump-signs-executive-order-working-group-crypto\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">Donald Trump\u2019s Jan. 23 executive order<\/a> directing a commission to study the feasibility of a \u201cdigital asset stockpile.\u201d<\/p>\n<figure><img decoding=\"async\" alt=\"Bitcoin Regulation, Bitcoin Adoption\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2025-02\/0195485e-dd86-79c8-b45a-b28d2c91a727\" title=\"\"\/><figcaption style=\"text-align: center;\">\n<p><em>President Trump signs an executive order on cryptocurrencies. Source: <\/em><a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/www.youtube.com\/watch?v=3rmWeGbfN8o&#038;t=39s\" rel=\"nofollow noopener\" target=\"_blank\" text=\"null\" title=\"https:\/\/www.youtube.com\/watch?v=3rmWeGbfN8o&#038;t=39s\"><em>The White House<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n<p>Nexo analyst Iliya Kalchev told Cointelegraph that the Feb. 18 <a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/texas-bitcoin-reserve-hearing-market-impact\" rel=\"\" target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/news\/texas-bitcoin-reserve-hearing-market-impact\">public hearing for SB-21 was symbolic<\/a> and was not a major BTC adoption or price catalyst.<\/p>\n<p>Kalchev added that unless specific policies were enacted \u2014 like the state of Texas actively acquiring BTC as part of its portfolio \u2014 the markets would have a lukewarm response to the news.<\/p>\n<p>Pierre Rochard, a Bitcoin advocate and vice president of research at mining company Riot Platforms, <a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/x.com\/BitcoinPierre\/status\/1892009222432235524\" rel=\"null\" target=\"null\" text=\"null\" title=\"null\">testified<\/a> at the hearing for SB-21, arguing for a BTC strategic reserve.<\/p>\n<p>The executive said that while Texas currently has a flourishing economy, it must be prepared for future economic downturns and fiscal uncertainty.<\/p>\n<p>\u201cPublic trust and financial institutions have eroded due to a lack of transparency, but Bitcoin is a unique asset because it is fully auditable,\u201d the executive added.<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a rel=\"nofollow\" target=\"_blank\" data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/elon-musk-proposal-to-run-government-on-usa-chain-has-some-issues\/\" rel=\"\" target=\"_self\" text=\"null\" title=\"https:\/\/cointelegraph.com\/magazine\/elon-musk-proposal-to-run-government-on-usa-chain-has-some-issues\/\"><em><strong>Elon Musk\u2019s plan to run government on blockchain faces uphill battle<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\" label=\"Subscription Form: Law Decoded\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Texas Senate Bill 21 (SB-21), establishing a Bitcoin and cryptocurrency strategic reserve, passed the Texas Senate Banking Committee on Feb. 27 in a 9\u20130 vote and now advances to the Senate floor for further deliberation. The bill gives the Texas Comptroller of Public Accounts the authority to acquire, sell and trade any investment \u201cthat a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":376294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-376293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/376293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=376293"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/376293\/revisions"}],"predecessor-version":[{"id":376295,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/376293\/revisions\/376295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/376294"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=376293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=376293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=376293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}