Senate Bill 21 (SB 21), which would authorize the creation of a state-managed Bitcoin reserve in Texas, is approaching a crucial vote in the Texas House of Representatives. With a June 2 deadline looming, the bill must pass quickly or risk expiration and reintroduction in a future legislative session.
According to an update on the bill’s official website, the House will soon conduct a second reading of SB 21—an essential step before a final vote. Dennis Porter, co-founder and CEO of the Satoshi Action Fund, emphasized on Saturday that this reading is vital, as the Texas legislature is set to adjourn in less than two weeks, leaving little time for final approval.
If the bill passes its second reading, it is expected to proceed swiftly to a third reading and final vote on the House floor. Should it clear that stage, SB 21 will be sent to the governor for signature.
Legislative Progress and Key Sponsors
SB 21, officially titled the Texas Bitcoin Strategic Reserve and Investment Act, has already made significant progress. It passed the Texas Senate with a 25–5 vote on March 6 and advanced through the House Committee with a 9–4 vote on May 7, both without amendments.
Authored by Senator Charles Schwertner and sponsored in the House by Representative Giovanni Capriglione, the bill seeks to position Bitcoin as a strategic financial asset for the state. The proposed reserve would aim to protect Texas’s financial future by hedging against inflation and economic instability.
Funding and Eligibility Requirements
The Bitcoin reserve would be funded through a mix of legislative appropriations, investment returns, and voluntary contributions from Texas residents. It would also include any crypto assets received via forks or airdrops.
However, the bill imposes strict criteria for inclusion: only digital assets with a market capitalization of at least $500 billion over the past 12 months—currently only Bitcoin—would be eligible.
Texas Could Join a Small Group of Crypto-Adopting States
If passed, Texas would become the third U.S. state to create an official Bitcoin reserve, following similar initiatives in New Hampshire and Arizona. New Hampshire led the way by passing House Bill 302 (HB 302) on May 6, establishing its own strategic Bitcoin reserve.
