Texas Governor Greg Abbott has approved SB 21, a law permitting the establishment of an autonomous bitcoin reserve.
According to the document, the reserve operates independently of Texas’s general treasury system and aims to enhance the state’s financial stability while serving as a potential hedge against inflation.
The initiative will be managed by Comptroller Glenn Hegar. The law permits the inclusion of digital assets with a market capitalization exceeding $500 billion, though currently only bitcoin meets this criterion.
In addition to direct purchases, the reserve can grow through forks, airdrops, investment gains, or public donations. A detailed report on the results is planned to be released every two years.
The governor also signed HB 4488, which protects selected funds, including the bitcoin reserve, from being transferred to the state’s general revenue in the event of shifting priorities.
Simultaneously, Abbott approved another 600 various bills. However, SB 21 was not included in the press release of the most significant approved initiatives.
Texas has become the third U.S. state, alongside Arizona and New Hampshire, to approve a state reserve of the first cryptocurrency.
In May, Florida authorities halted consideration of two legislative acts allowing state investments in bitcoin.
In states such as Oklahoma, Montana, Pennsylvania, North and South Dakota, and Wyoming, attempts to create a strategic bitcoin reserve have also failed.