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Texas may soon join a small but growing group of U.S. states preparing to hold Bitcoin as part of a strategic reserve. Governor Greg Abbott has expressed support for a new bill that would set up a cryptocurrency reserve fund if signed into law.
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Senate Bill 21, aimed at creating a state-level Bitcoin reserve, recently cleared the Texas House of Representatives. The bill’s next stop is Governor Greg Abbott’s desk. He shared an article on the topic via X on May 22, signaling his backing for the effort.
Abbott has been a consistent supporter of digital asset initiatives. In 2021, he described himself as a supporter of crypto legislation and later suggested that Texas could position itself as a “crypto capital” by 2024.
Texas is not alone in exploring this idea. On May 6, New Hampshire Governor Kelly Ayotte signed a bill into law to create that state’s own Bitcoin reserve. Other state lawmakers have introduced similar proposals in the months following the 2024 federal elections.
At the national level, former President Donald Trump signed an executive order in March to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile. However, that order had not yet been codified by Congress as of May 23.
The Texas legislation proposes that a portion of the state’s assets be allocated to Bitcoin as a hedge and a strategic asset. If Abbott signs SB 21, Texas will become one of the first states to officially hold Bitcoin in reserve.
Supporters argue that having a digital asset reserve could position Texas to benefit from future shifts in the financial system. Critics, meanwhile, have called for more regulatory clarity before governments begin holding crypto directly.