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.”
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… pic.twitter.com/dRdCt86Otr
— Charles Schwertner (@DrSchwertner) January 15, 2025
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.
Florida is going to launch a strategic Bitcoin reserve, and here’s how we’re going to do it 👇
Florida has a very good chance of creating a strategic Bitcoin reserve this session, which starts in Q1 of 2025.
Here’s what you need to know:
The Speaker of the Florida House, Danny… pic.twitter.com/JJRNU1V7ZI
— Samuel Armes (@samuelarmes) December 3, 2024
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