Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Texas Bitcoin Reserve Bill Passes Second Reading – Is Final Approval Likely?

Texas Bitcoin Reserve Bill Passes Second Reading – Is Final Approval Likely?

BeInCryptoBeInCrypto2025/05/20 15:44
By:Landon Manning

Texas' SB 21, which aims to create a state-level Bitcoin Reserve, has cleared a key hurdle, passing its second House reading with significant backing. If it passes one final vote, it will move to Governor Abbott for approval.

SB 21, Texas attempt to create a state-level Bitcoin Reserve, passed its second House reading with overwhelming support. It will require one more vote and Governor Abbott’s signature to become law.

This bill has taken components from other successful efforts, such as New Hampshire’s mechanism to add new tokens into the Reserve. Currently, Texas would permit altcoins that maintain a $500 billion market cap for two entire years.

Texas May Pass a Bitcoin Reserve

Since President Trump first endorsed the concept, several US states have been pursuing their own local Bitcoin Reserves. Shortly after Trump’s Inauguration, Texas’ Lieutenant Governor called a Bitcoin Reserve a top priority.

Since then, bill SB 21 sailed through committee and the Senate, and it has almost reached the governor’s desk:

“Texas’ Strategic Bitcoin Reserve bill passes House second reading. SB 21 passed by a vote of 105 – 23. SB 21 was also amended to increase the length of time a digital asset’s market cap is under consideration for inclusion in the bill, from 12 to 24 months…making it harder to qualify,” a pro-crypto policy watchdog claimed.

Texas’ effort has adopted many characteristics from other Bitcoin Reserve bills nationwide. New Hampshire was the first to get a bill cemented into law, and it shares similar language.

Although ostensibly a Bitcoin reserve, it also permits other assets, provided they have a $500 billion market cap. SB 21 also features this, albeit with the aforementioned 24-month restriction.

Today’s advancement doesn’t represent a complete victory. Texas’ legislative session ends on June 2, and SB 21 needs to pass a final vote by then to establish a Bitcoin Reserve. Still, the bill’s overwhelming support is encouraging.

Theoretically, the final step could take place this week, and Governor Greg Abbott is a long-time Bitcoin supporter.

Between bipartisan votes and gubernatorial support, Texas’ Bitcoin Reserve seems very likely. However, anything could happen.

Arizona’s governor technically signed a law allowing the state to hold BTC, but she vetoed two bills that would actually enable the purchases. Florida’s effort also showed early bipartisan support, but its Reserve bills didn’t progress very far.

These incidents show the importance of not taking anything for granted, despite optimistic signals. Most state Bitcoin Reserve proposals have failed so far, and Texas’ SB 21 would be one of the very few survivors if it succeeds.

Still, the GENIUS Act’s success despite fierce opposition contains a valuable lesson, too. The crypto industry’s political support remains very strong.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like