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TEXAS SET TO CREATE STATE BITCOIN RESERVE THAT WOULD ACCEPT PRIVATE DONATIONS
TEXAS LEGISLATURE
TEXAS SET TO CREATE STATE BITCOIN RESERVE THAT WOULD ACCEPT PRIVATE DONATIONS
The latest version of the bill includes a previously nixed provision to allow Texans to donate crypto to the fund.
by JUSTIN MILLER
MAY 21, 2025, 3:33 PM, CDT
T The State of Texas is set to get into the cryptocurrency investment game as the Texas House passed a Senate bill on Wednesday to create a “Strategic Bitcoin Reserve” that could use millions of taxpayer dollars to purchase cryptocurrency.
Senate Bill 21 will—assuming Senate concurrence and the governor’s sign-off—establish a new government investment fund through which the state comptroller and a team of appointed advisors have broad discretion to invest in cryptocurrencies like Bitcoin. The bill allows the state to appropriate funds from its coffers to finance those purchases. … The House version also restored a controversial provision that had been stripped in the upper chamber to allow private donations to the fund.
The House approved the measure with overwhelming bipartisan support on a 101-42 vote, with no debate over the wisdom of getting the state into the business of investing in highly speculative virtual coins. Opponents included 21 Republicans and 21 Democrats.
The bill’s lead champion, GOP Senator Charles Schwertner, has said the state needs to create this crypto fund not only as an official show of support for the powerful digital currency industry but as a fiscal hedge against the strength of the U.S. dollar amid growing federal debt and global tumult.
{snip}
TEXAS SET TO CREATE STATE BITCOIN RESERVE THAT WOULD ACCEPT PRIVATE DONATIONS
The latest version of the bill includes a previously nixed provision to allow Texans to donate crypto to the fund.
by JUSTIN MILLER
MAY 21, 2025, 3:33 PM, CDT
T The State of Texas is set to get into the cryptocurrency investment game as the Texas House passed a Senate bill on Wednesday to create a “Strategic Bitcoin Reserve” that could use millions of taxpayer dollars to purchase cryptocurrency.
Senate Bill 21 will—assuming Senate concurrence and the governor’s sign-off—establish a new government investment fund through which the state comptroller and a team of appointed advisors have broad discretion to invest in cryptocurrencies like Bitcoin. The bill allows the state to appropriate funds from its coffers to finance those purchases. … The House version also restored a controversial provision that had been stripped in the upper chamber to allow private donations to the fund.
The House approved the measure with overwhelming bipartisan support on a 101-42 vote, with no debate over the wisdom of getting the state into the business of investing in highly speculative virtual coins. Opponents included 21 Republicans and 21 Democrats.
The bill’s lead champion, GOP Senator Charles Schwertner, has said the state needs to create this crypto fund not only as an official show of support for the powerful digital currency industry but as a fiscal hedge against the strength of the U.S. dollar amid growing federal debt and global tumult.
{snip}
1 replies
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