Texas Considers Stashing Bitcoin—Is the Lone Star State Rich or Just Hoping for a Tip?

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Picture the scene, darling—deep in the heart of Texas, a committee of well-coiffed Republicans has managed to band together (like a biscuit tin committee after three too many sherries) and waft a bill through the House that would create a so-called Bitcoin reserve. I do believe it’s the financial equivalent of filling the state treasury with pixie dust and a prayer—now all they need is the governor’s flourish of approval. ✍️

The Texas House Committee on Delivery of Government Efficiency—an oxymoron, if ever there was—wafted Senate Bill 21 through their chamber on May 7, cogs greased by a 9-4 vote. Don’t worry, they didn’t let common sense spoil the party; no amendments, no fuss, and certainly no backchat from the minority. The Senate, not wanting to seem left out, had already given SB 21 its enthusiastic blessing back in March with a 25-5 vote. Who says Texans can’t be trendsetters?

And what exactly is this magnum opus, I hear you ask? Why, SB 21 proposes the glittering “Texas Strategic Bitcoin Reserve,” which would be lovingly babysat by the Texas comptroller—currently Mr. Glenn Hegar, whose hobbies allegedly include counting imaginary coins and inventing new ways to spell ‘comptroller.’ The bill sternly insists that only terribly robust digital assets (read: Bitcoin, unless Dogecoin has a particularly bold quarter) with a market cap of at least $500 billion shall enter their hallowed coffers. “Stability,” they call it—I call it the world’s poshest piggy bank.

Our dear Senator Charles Schwertner penned the original bill in January, obviously after a raucous poker night. His vision? Bitcoin, only! But alas, by February, the script was rewritten to include a gala medley of other digital assets. Flexibility, you see, is all the rage this season. 🙃

Over in the peanut gallery, Bitcoin Laws founder Julian Fahrer chirped on X (the artist formerly known as Twitter, darling) that Texas had better get its cryptographic ducks in a row before June 2—lest the legislative garden party wraps up and everyone toddles off home.

If the bill survives its waltz across the House floor, it lands squarely on Governor Greg Abbott’s oak desk. Abbott, a noted crypto enthusiast, has previously declared his undying wish to transform Texas into the “crypto capital” of America. In fact, he’s been so smitten, he accepted Bitcoin donations for his 2014 campaign—modern love at its finest. 💸

Two States Jump on the Bitcoin Bandwagon: Arizona, New Hampshire, Pens at the Ready

Now, time for our whistle-stop tour of the competition. Arizona’s Katie Hobbs, in a fit of legislative exuberance, has signed a law conjuring a Bitcoin and Digital Asset Reserve Fund. Magic words: no taxpayer or state funds at risk. The state even reserves the right to “stake” abandoned coins—staking being that mysterious hobby my nephew won’t stop blathering about—to earn a few shiny rewards and airdrops. I do hope someone brought an umbrella.

Meanwhile, New Hampshire’s Governor Kelly Ayotte furiously scribbled her name on House Bill 302 only days prior. Granite State’s treasury now gets to play with crypto—so long as it’s worth more than $500 billion, which narrows the field rather bluntly.

As for Florida—ah Florida, never change—they tossed two Bitcoin reserve bills straight out the window on May 3, having apparently run out of patience after voting on everything from fluoride bans to smartphones in schools and possibly, the best way to fry an alligator.

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2025-05-08 08:34