TechFlow reported, according to Bitcoin.com, the Texas Strategic Bitcoin Reserve Act (Senate Bill 778) was submitted to the Senate Finance Committee for review on February 7. Proposed by Senator Charles Schwertner, this bill aims to establish a state-controlled bitcoin reserve to enhance financial security and promote digital asset innovation.
Key provisions of the bill include: 1) authorizing the Texas government to hold bitcoin as a financial asset; 2) allowing individuals, including Texas residents, to donate bitcoin to the reserve to encourage community co-investment; 3) assigning the Texas Comptroller's Office to manage the reserve, implement cold storage solutions, and conduct regular audits; 4) prohibiting the acquisition of bitcoin from foreign entities or individuals involved in illegal activities; and 5) permitting the governor or the Legislative Budget Board to authorize the sale of reserve bitcoin during emergencies.
In addition, the bill proposes establishing a Texas Strategic Bitcoin Reserve Advisory Committee composed of state legislators and financial officials. Funding for legislative bitcoin purchases would be capped at 1% of the state's unrestricted general revenue balance every two years. If passed by a two-thirds majority, the bill will take effect immediately; otherwise, it will become effective on September 1, 2025.
