The Texas Strategic Bitcoin Reserve Act was read on Feb. 7 and referred to the Senate Finance Committee for review. Senate Bill 778, introduced by Senator Charles Schwertner, proposes creating a state-controlled bitcoin reserve as a financial safeguard and to reinforce Texas’ role in digital asset innovation.

Under the proposed legislation, the reserve is designed to serve two key purposes. The bill reads:

The reserve is established to allow: (1) this state to own and hold bitcoin as a financial asset; and (2) persons, including residents of this state, to donate bitcoin to the state for deposit in the reserve to promote the shared ownership of and community investment in this state’s financial future.

The legislation establishes strict security and management guidelines for the bitcoin reserve. The Texas Comptroller’s Office would oversee its administration, ensuring secure custody and proper storage measures. The bill specifies that “the comptroller shall maintain custody of all bitcoin held in the reserve,” emphasizing the state’s responsibility in safeguarding the asset. Cold storage solutions would be implemented to prevent unauthorized access, and regular audits would be conducted to maintain transparency.

The bill also prohibits bitcoin acquisitions from foreign entities or individuals known to engage in illegal activities. Additionally, in times of emergency, the governor or the Legislative Budget Board could authorize the sale or transfer of bitcoin in the reserve, with proceeds directed to the state treasury.

The proposal includes the formation of the Texas Strategic Bitcoin Reserve Advisory Committee, composed of state legislators and financial officials, to provide recommendations and oversee the reserve’s management. The bill also outlines a public recognition program for individuals who donate bitcoin to the reserve. Funding for bitcoin purchases by the state legislature would be capped at one percent of the state’s unencumbered general revenue balance per biennial cycle. If the bill passes with a two-thirds majority, it would take effect immediately; otherwise, it would be enacted on Sept. 1, 2025.

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