20 days left, Texas may become the third state in the United States to implement the Bitcoin Reserve Act

Original source: Cryptoslate

Compile:Blockchainknight

According to the live broadcast of the House of Representatives, Texas lawmakers passed legislation on May 21 with 101 votes in favor and 42 votes against, approving the establishment of a state-level BTC strategic reserve.

According to the BTC-related bill, SB 21 now needs to be approved again in the Senate with the amendments added by the House of Representatives. The Senate passed the previous version of the bill on March 5 with 25 votes in favor and 5 votes against.

Once the Senate votes to pass the bill, it will be sent to Governor Greg Abbott for final approval before it can officially take effect.

Once SB 21 reaches the governor's desk, the governor will have 20 days to sign or veto the bill. If the governor takes no action, the bill will automatically take effect on the first business day after the 20 days.

BTC Reserve

The proposal would allow the state comptroller to use surplus funds to purchase BTC, subject to the same reporting rules as gold bars held in Texas vaults.

"Today is a critical moment for us to pass the Strategic BTC Reserve Act and solidify Texas' leadership in the digital age," said Rep. Giovanni Capriglione, one of the bill's main sponsors, to his colleagues during a floor debate before the vote count. "We are embracing this modern asset that has both traditional attributes and future potential."

He also said that BTC reserves would not only enhance Texas’ fiscal sovereignty, but also make the state a forward-thinking region prepared for the evolution of global finance.

If the bill is approved by the governor, Texas will become the third state in the United States to include public funds in the BTC strategic reserve framework, following Arizona and New Hampshire.

The U.S. state of Texas can only launch a BTC purchase program after the comptroller publishes procurement guidelines in the Texas Register and signs a storage contract that meets the location requirements of the act.

Legislative process

The Senate passed SB 21 on March 6. The bill’s sponsor, Senator Charles Schwertner, believes that allocating a portion of Texas’ available cash to BTC could protect purchasing power during monetary shocks.

The comptroller would be required to disclose acquisition dates, number of units and total cost basis quarterly, according to the text of the bill sent to the governor.

The bill does not set a limit denominated in U.S. dollars. However, it requires that the BTC reserves must be held in a qualified entity within Texas or in a U.S. jurisdiction that recognizes BTC as property.

The bill also directs the comptroller to study potential revenue streams associated with network participation, including Lightning Network payment channels for collecting state fees.

The findings are required to be submitted to the House Appropriations Committee by January 2026 for review before the 89th Legislature.

Editor's note: This article was updated at 21:27 GMT to clarify that the Senate needs to vote again on the House amendments to the bill.

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