Bill > SB21

This bill establishes the Texas Strategic Bitcoin Reserve, a special fund managed by the state comptroller to invest in cryptocurrency, specifically targeting Bitcoin and other digital currencies that meet certain market capitalization requirements. The bill defines key terms like cryptocurrency, Bitcoin, cold storage, and airdrop, and outlines the purpose of creating this reserve as a way to enhance the state's financial resilience and provide a hedge against inflation and economic volatility. The comptroller is authorized to acquire, manage, and invest in cryptocurrencies using a prudent investor standard, with the ability to contract with third-party entities like qualified custodians and liquidity providers. A five-member advisory committee will be established to provide guidance on reserve management, and the comptroller must publish a biennial report detailing the reserve's cryptocurrency holdings, value changes, and management actions. The bill also allows for temporary transfers of reserve funds to the state treasury for cash management purposes and exempts the reserve from certain state investment regulations. The legislation takes effect immediately if it receives a two-thirds vote in both legislative chambers, or on September 1, 2025, if it does not receive the immediate effect vote.

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https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB21