Texas Senator Charles Schwertner has introduced Senate Bill (SB 778) to establish a state-owned strategic Bitcoin reserve, making Texas the first U.S. state to hold Bitcoin as a financial asset if passed.
The bill, announced on Jan. 16, aims to position Texas as a leader in the digital economy by allowing the state to acquire and manage Bitcoin securely. The reserve would be funded with public and private Bitcoin donations, capped at 1% of general revenue, and would include measures such as cold storage and regular audits for transparency.
Senator Schwertner called Bitcoin a “valuable digital asset” with the potential to enhance financial resilience and hedge against inflation. A similar bill (HB 1598) was proposed in December by Representative Giovanni Capriglione but focused on holding Bitcoin for at least five years.
Other states, including Oklahoma, Pennsylvania, North Dakota, and New Hampshire, are also considering legislation to establish Bitcoin reserves. If SB 778 becomes law, Texas would solidify its leadership in cryptocurrency adoption.
Source: Cointelegraph
