Emre Yumlu 
The Texas Senate has approved the conference committee report for Senate Bill 21 by a decisive 24 to 7 vote. This step marks the final legislative hurdle for the state’s planned Bitcoin reserve fund.
With both chambers approving the bill, it now moves to Governor Greg Abbott for final signature and enactment into law.
Texas Strategic Bitcoin Reserve Established
During the Senate session, Senator Charles Schwertner announced the bill’s passage and emphasized that it would establish the “Texas Strategic Bitcoin Reserve,” a specialized fund to be managed by the Comptroller of Public Accounts.
New Regulations Added to the Law
The bill underwent several modifications during deliberations in the House of Representatives. Among these are provisions authorizing the Comptroller to collaborate with liquidity providers and expand the financial capabilities of the fund.
One of the most notable changes is the new duration requirement for eligible crypto assets. Previously set at 12 months, this has now been extended to 24 months. From now on, alternative cryptocurrencies (altcoins) must maintain a minimum market capitalization of $500 billion for two consecutive years to qualify for inclusion in the reserve.
Additionally, members of the conference committee rejected provisions that would have allowed the Comptroller to use reserve assets for lending or staking. Clauses that would have enabled individuals to make voluntary crypto contributions to the fund were also removed.
Third State in the U.S. to Hold an Official Bitcoin Reserve
With this legislation, Texas is set to become the third U.S. state to establish an official Bitcoin reserve. New Hampshire and Arizona previously took similar steps. This development reflects a growing trend among states to view digital assets as tools for financial diversity and economic resilience.
Texas lawmakers took inspiration from New Hampshire’s approach, particularly in how non-Bitcoin assets could be evaluated and added to state reserves.
The $500 billion market cap requirement stands out as one of the strictest standards among state-level crypto initiatives. With numerous mining operations and blockchain startups active in the region, Texas has positioned itself as a leader in cryptocurrency adoption across the United States.
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