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TX SB21
Bill
Status
6/20/2025
Primary Sponsor
Charles Schwertner
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AI Summary
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Establishes the Texas Strategic Bitcoin Reserve as a special fund outside the state treasury, administered by the comptroller, to invest in bitcoin and other cryptocurrencies as a hedge against inflation and to enhance the state's financial resilience
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Limits cryptocurrency purchases to those with an average market capitalization of at least $500 billion over the most recent 24-month period
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Creates a five-member advisory committee including the comptroller, one investment advisory board member, and three cryptocurrency investment experts to advise on reserve management and investment policies
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Authorizes the comptroller to contract with qualified custodians using cold storage security and qualified liquidity providers (requiring 5+ years digital asset experience and Texas office presence) to manage reserve assets
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Requires biennial reports to the legislature by December 31 of even-numbered years detailing cryptocurrency holdings, estimated values, and management actions; takes effect September 1, 2025, or immediately with two-thirds legislative vote
Legislative Description
Relating to the establishment and administration of the Texas Strategic Bitcoin Reserve for the purpose of investing in cryptocurrency and the investment authority of the comptroller of public accounts over the reserve and certain other state funds.
State Finances
Last Action
Effective immediately
6/20/2025