With President Donald Trump’s inauguration just just a few days away, Bitcoin and blockchain supporters are bracing for crypto-friendly policies. Leading the charge is Texas, with Senator Charles Schwertner announcing a bill to launch its first state-level Bitcoin reserve.
In a Twitter/X post, Senator Schwertner announced the filing of SB 778, making Texas the primary state to create a strategic Bitcoin reserve. In accordance with the Texan legislator, making a strategic Bitcoin reserve will position the state as a blockchain leader, drive economic growth, and secure everyone’s economic freedom.
Texas Wants To Lead The Bitcoin Revolution
Texas is the tenth largest economy globally and has over $194 billion generally revenue that may fund the state’s operations from 2026 to 2027. Along with its huge budget, the state has a growing Bitcoin and blockchain economy. It’s also home to several crypto mines, including the one in town of Rockdale, which is acknowledged as the most important Bitcoin mining operation in North America.
It’s time for Texas to cleared the path in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the primary state within the nation to determine a Strategic Bitcoin Reserve. This might position our state on the… pic.twitter.com/dRdCt86Otr
— Charles Schwertner (@DrSchwertner) January 15, 2025
In accordance with Schwertner, it’s about time that Texas led the way in which in approving and launching a crypto reserve. Along with the proposal to start out a reserve fund, SB 778 also outlines a advice to establish the Texas Strategic Bitcoin Reserve Advisory Committee. This committee shall include the House chairs for Appropriations and Finance, a comptroller, a member of the Senate and the House, amongst others.
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Texas’ Crypto Reserve And Its Primary Purpose
Although the final aim of building the state’s crypto reserve is to leverage the blockchain and use it as a hedge against inflation, SB 778 also outlines its specific purposes. In accordance with Section 403.703, the state goals to carry BTC as a financial asset. The document also specifies that individuals, including Texans, can donate Bitcoin to advance shared ownership and a way of community.
The document also highlights specific transactions that is not going to be allowed. For instance, Section 403.705 indicates that the comptroller cannot approve transactions to purchase BTC to be held in other countries.
Other US States Are Actively Pursuing Individual Reserves
Although some questions and risks are related to making a reserve, many states are pushing forward. Except for Texas, Oklahoma has shared its plans to carry the premiere digital currency as a part of its currency reserves. Representative Cody Maynard filed HB 1203, the Strategic Reserve Act, which goals to allocate a portion of the state’s pension funds to purchase these digital assets.
Pennsylvania lawmakers also submitted their plans to speculate in Bitcoin. The state’s policymakers suggest that the state’s Treasury allocate as much as 10% of the funds to purchase crypto. Representative Mike Cabell says the state can follow the lead of personal financial firms like Fidelity and BlackRock.
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