- Texas Senator Charles Schwertner has filed SB 778
- It aims to establish the first state-level Bitcoin Reserve
Texas continues its initiatives and joins other states in adapting Bitcoin and establishing a Bitcoin Reserve, such as Ohio and Oklahoma.
Senator Charles Schwertner has filed Senate Bill 778, which, if approved by a two-thirds vote, could establish the first state-level Bitcoin Reserve and give Texas residents more financial freedom and security.
More About Texas’ Ongoing Initiatives to Adopt Bitcoin
Senator Charles Schwertner has filed Senate Bill 778 to establish the first state-level Bitcoin Reserve, emphasizing that its decentralized nature and finite supply would serve as a hedge against inflation and economic volatility and provide financial security for state residents.
“Bitcoin is a valuable digital asset with strategic potential for enhancing this state’s financial resilience. The Texas Strategic Bitcoin Reserve is a special fund outside the general revenue fund in the state treasury. The establishment of a strategic bitcoin reserve aligns with this state’s commitment to fostering innovation in digital assets and providing enhanced financial security to residents of this state.”
It’s worth noting that SB 778 is Texas’ second pro-crypto initiative, having been preceded back in December 2024 by HB 1598 by state Rep. Giovanni Capriglione. Both are aimed at creating a Bitcoin Reserve but have slightly different focuses and emphases.
HB 1598 prioritizes the Bitcoin Reserve as a strategic asset that ensures the states’ financial independence and sustainability and relies on donations from Texas residents and secure storage.
SB 778, in turn, prioritizes not only the creation of a Bitcoin reserve but also the infrastructure to manage this. Also, replenishing the reserve involves allocating state funds for purchasing Bitcoin and allows the Bitcoin reserve as a state investment instrument to maximize benefits to Texas residents.
All of this adds to the pro-crypto club of states, and, for example, Senator Niraj Antani introduced the Ohio Crypto Bill, which allows payment for state and local taxes using cryptocurrencies such as Bitcoin.
Later, Ohio Representative Derek Merrin proposed HB 703, which provides for the purchase of Bitcoin for Ohio’s reserves.
Also, most recently, Sen. Dusty Deevers, R-Elgin, has filed SB325, which could allow employees to opt to receive a salary in Bitcoin and enable vendors to accept Bitcoin payments.
Conclusion
The ongoing initiatives to adapt Bitcoin and create state-level Bitcoin reserves, especially against the backdrop of pro-crypto US regulations, are encouraging.
However, after the inauguration of Donald Trump, all this may strengthen this vector, or it may change it in one sense or another. Anyway, a lot of important things waiting for us in the coming days that demand our attention. Stay tuned to be aware of the most important events and make your trading decisions more grounded.
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