Nikolas Sargeant
The Texas Senate has taken a historic step toward cryptocurrency adoption by advancing a bill to establish the state's first Bitcoin strategic reserve. Senate Bill 21, authored by State Senator Charles Schwertner, received approval on Thursday, positioning Texas to become the first state to officially invest public funds in Bitcoin.
This landmark legislation places Texas at the vanguard of a growing movement among U.S. states exploring cryptocurrency integration into their financial portfolios as a hedge against economic uncertainty.
Just last week, Senator Schwertner highlighted Bitcoin's "strategic potential for enhancing this state's financial resilience," noting that the cryptocurrency "can serve as a hedge against inflation and economic volatility."
Texas Lieutenant Governor Dan Patrick expressed strong support through an official statement: "Bitcoin's limited supply and decentralized nature make it a critical asset for Texas' future. Creating the Texas Bitcoin Reserve is a bold step for other states to follow. I stand with President Trump and hope to make Texas the epicenter of America's digital future."
This state-level initiative follows President Trump's recent executive order establishing a national strategic Bitcoin reserve, signaling growing mainstream acceptance of digital currencies at both federal and state levels.
States Racing to Embrace Cryptocurrency Investment
New Hampshire appears poised to become the second state adopting cryptocurrency for public fund investment after passing House Bill 302 on Wednesday with overwhelming support. The legislation cleared the Commerce and Consumer Affairs Committee with a decisive 16-1 vote on March 5 and, if signed into law, would permit the state treasurer to allocate up to 5% of public funds into Bitcoin and precious metals.
Utah stands just one vote shy of joining this movement, having made significant legislative progress toward allowing public money investment in cryptocurrency. Dennis Porter, CEO of the Satoshi Action Fund, confirmed the bill successfully passed the Utah House. The state's House Economic Development Committee previously advanced bill HB230 with a strong 8-1 vote on January 28.
Not all states have embraced cryptocurrency integration. Montana experienced a setback when its House of Representatives voted down House Bill No. 429, which aimed to establish Bitcoin as a state reserve asset. North Dakota has also faced challenges in its cryptocurrency adoption efforts.
Meanwhile, President Trump has announced plans to diversify the nation's stockpile with multiple cryptocurrencies, a move that has generated both support and criticism from industry leaders.
Anticipation Builds for Presidential Crypto Summit
The cryptocurrency industry eagerly awaits Trump's inaugural White House Crypto Summit scheduled for March 7, which has attracted significant attention from key stakeholders.
According to Fox Business reporter Eleanor Terrett, the summit will feature prominent industry participants including the CEOs of Kraken, RobinHood, and Coinbase, along with MicroStrategy founder Michael Saylor and other influential figures.
David Sacks, serving as the Trump administration's Crypto Czar, is expected to introduce more innovation-driven digital asset policies during the event.
Regulatory leaders including Mark Uyeda, Acting Chair of the SEC, and Caroline Pham, Acting Chair of the CFTC, are anticipated to outline new cryptocurrency regulatory frameworks.
Bo Hines, Executive Director of the Presidential Crypto Working Group, will also present strategies for developing coherent cryptocurrency policies as the nation embraces this emerging asset class.
