Bill > HB1598

This bill establishes the Texas Strategic Bitcoin Reserve, a special fund within the state treasury dedicated to holding Bitcoin as a strategic financial asset. The bill defines Bitcoin as a decentralized digital asset and creates a framework for the state comptroller to manage and secure these cryptocurrency holdings. Under the proposed legislation, the comptroller can accept Bitcoin donations from Texas residents, must store the Bitcoin in secure "cold storage" for at least five years, and is required to develop robust security protocols to protect the assets. The bill mandates biennial reporting on the reserve's performance, including total Bitcoin holdings, dollar value, and any security threats. The legislation also allows state agencies to potentially accept cryptocurrencies, with a requirement to convert them to Bitcoin and deposit them into the strategic reserve. The bill includes provisions for recognizing donors, establishing donation procedures, and creating transparent management practices. The Texas Strategic Bitcoin Reserve is designed to serve as a hedge against economic volatility and demonstrate the state's commitment to innovation in digital assets, with the reserve set to expire on September 1, 2035, unless renewed. The bill will take effect immediately if it receives a two-thirds vote in the Texas legislature, or on September 1, 2025, if it does not receive the immediate effect vote.

Government Affairs

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=HB1598