Home Texas considers strategic Bitcoin reserve bill

Texas considers strategic Bitcoin reserve bill

TLDR

  • Texas proposes SB 778 to create the nation’s first Strategic Bitcoin Reserve.
  • The reserve allows Bitcoin donations and aims to boost Texas's financial future.
  • Florida and other states may follow with similar Bitcoin reserve initiatives in 2025.

The Texas Senator, Charles Schwertner, has kicked off the state’s 89th legislative session by introducing a bill that would make Texas the first state to establish a strategic Bitcoin reserve.

The legislative session began on Tuesday (January 14) with the senator announcing his bill, SB 778, just a day later.

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve.

“This would position our state at the forefront of the digital economy, driving growth and securing economic freedom for our great state! #txlege.”

The bill, states this move would align “with this state’s commitment to fostering innovation in digital assets and providing enhanced financial security to residents of this state.”

If passed, the reserve would enable the state to own and hold Bitcoin as a financial asset and people, including residents, would be able to “donate Bitcoin to the state for deposit in the reserve to promote the shared ownership of and community investment” in the area’s financial future.

Florida and Texas could be considering a strategic Bitcoin reserve this year

Schwertner’s announcement on the X platform was met with users largely praising the idea.

It was in December of 2024 when it was widely reported that Florida regulators have shared tentative plans to establish a strategic Bitcoin reserve in the first quarter of 2025.

Samuel Armes, the President of the Florida Blockchain Business Association, stated in a post on X that “Florida has a very good chance of creating a strategic Bitcoin reserve this session, which starts in Q1 of 2025.”

Alongside Texas and Florida, other states are potentially considering a strategic Bitcoin reserve too. Similar sentiments have been spoken about in New Hampshire, Ohio, North Dakota, and Pennsylvania.

Featured Image: AI-generated via Ideogram

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The ReadWrite Editorial policy involves closely monitoring the tech, gambling and blockchain industries for major developments, new product and brand launches, AI breakthroughs, game releases and other newsworthy events. Editors assign relevant stories to in-house staff writers with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Sophie Atkinson
Tech Journalist

Sophie Atkinson is a UK-based journalist and content writer, as well as a founder of a content agency which focuses on storytelling through social media marketing. She kicked off her career with a Print Futures Award which champions young talent working in print, paper and publishing. Heading straight into a regional newsroom, after graduating with a BA (Hons) degree in Journalism, Sophie started by working for Reach PLC. Now, with five years experience in journalism and many more in content marketing, Sophie works as a freelance writer and marketer. Her areas of specialty span a wide range, including technology, business,…

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