Governor Greg Abbott has voiced support for a newly passed bill that would establish a strategic cryptocurrency reserve in Texas.
Author: Sahil Thakur
Texas may soon join a growing list of U.S. states preparing to hold Bitcoin in their treasury.
Governor Greg Abbott has voiced support for a newly passed bill that would establish a strategic cryptocurrency reserve in Texas. In a May 22 post on X, Abbott shared an article discussing the legislation and its significance, suggesting he is open to signing it into law.
The bill in question—SB 21—was passed by the Texas House of Representatives and now awaits final approval from the governor. If signed, Texas would formally begin building a Bitcoin reserve as part of its broader financial strategy.
Abbott has a history of aligning with crypto-friendly policies. In 2021, he called himself a “crypto law proposal supporter,” and in 2024, he pushed to make Texas a “crypto capital.”
Texas is not alone in exploring digital asset reserves. In early May, New Hampshire became the first U.S. state to sign a Bitcoin reserve bill into law. Arizona followed with legislation that allows the state to claim ownership of unclaimed crypto assets.
Across the country, about half of U.S. state governments are now evaluating similar bills, though not all have found success.
At the federal level, President Donald Trump signed an executive order in March to create a U.S. “Strategic Bitcoin Reserve” and a broader “Digital Asset Stockpile.” However, Congress has not yet passed legislation to formalize the move.
Senator Cynthia Lummis of Wyoming is leading efforts to support the federal initiative through the BITCOIN Act—short for Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide. The bill has been referred to the Senate Banking Committee but has not yet come up for a vote.
While the Bitcoin reserve proposal is gaining attention, the Senate is expected to prioritize a vote on the GENIUS Act first. This legislation would establish rules for payment stablecoins and could go to vote before Memorial Day, May 26.
If more states begin holding Bitcoin, it could shift how digital assets are viewed by governments. These moves may drive adoption, create long-term demand, and add legitimacy to crypto. But this also means more regulatory attention is likely on the horizon.
As always, don’t base investment decisions solely on government actions. Keep a diversified strategy, and stay informed.
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