Bill > SB778

This bill establishes the Texas Strategic Bitcoin Reserve, a special fund in the state treasury designed to allow Texas to own and hold Bitcoin as a financial asset. The reserve can receive Bitcoin donations from public and private sources, with the State Comptroller responsible for its custody, management, and security. Key provisions include implementing secure storage methods like cold storage, creating an advisory committee composed of legislative and state officials to oversee the reserve, and prohibiting Bitcoin acquisitions from foreign entities or those engaged in illegal activities. The bill limits Bitcoin purchases to no more than 1% of the unencumbered general revenue fund balance per biennial cycle and requires the Comptroller to produce a biennial report detailing the reserve's total Bitcoin holdings, monetary value, transactions, and any security threats. The legislation frames Bitcoin as a strategic asset that can hedge against inflation and economic volatility, and aims to foster innovation in digital assets while providing financial security for Texas residents. The reserve will be administered with strict protocols, including potential third-party contracts, legislative oversight, and a process for voluntary Bitcoin donations, with all donated Bitcoin becoming state property upon deposit.

Budget and Finance

https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB778