tl;dr
The Texas Senate has approved the Bitcoin Reserve Bill (SB21) in a 25-5 vote, marking a significant success for state-level strategic Bitcoin reserve bills. Senator Charles Schwertner praised Bitcoin for its limited supply and adaptability. However, Senator Roland Gutierrez criticized Bitcoin for it...
The Texas Senate has approved the Bitcoin Reserve Bill (SB21) in a 25-5 vote, marking a significant success for state-level strategic Bitcoin reserve bills. Senator Charles Schwertner praised Bitcoin for its limited supply and adaptability. However, Senator Roland Gutierrez criticized Bitcoin for its volatility and limited usability. The bill allows investment in Bitcoin or an altcoin with a market capitalization of at least $500 billion and is moving to the House for further action by May 24. Over 20 states have introduced similar bills, and Polymarket bettors predict a 65% chance of the bill passing in 2025.
The Texas Senate has just voted in favor of a strategic Bitcoin reserve bill (SBR). The bill (SB21) has passed in a 25-5 vote. This marks a significant breakthrough for state-level SBR bills after some other states rejected them in quick succession. Senator Charles Schwertner has stated that Bitcoin has proven itself to be "the most preferred because of its limited supply and adaptability."
Senator Roland Gutierrez, one of the opponents of the bill, has slammed Bitcoin for being too volatile and unregulated. He also stated that one cannot buy a pizza with Bitcoin, taking aim at the cryptocurrency's seemingly limited use cases.
The SB21 bill, which was originally filed on Feb. 12, stipulates that the reserve would be funded from appropriations, revenues as well as donations. It does not set a specific investment limit. It allows investing in Bitcoin or an altcoin that has a market capitalization of at least $500 billion. After passing the Senate, the bill is now moving to the House with a May 24 deadline for committee action. Overall, more than 20 states have already introduced state-level SBR bills.
Meanwhile, Polymarket bettors see a 65% chance of a strategic Bitcoin reserve bill being passed in 2025.