With President Donald Trump’s inauguration just days away, Bitcoin and blockchain supporters are preparing for cryptocurrency-friendly policies. Texas is leading the charge, with Senator Charles Schwertner announcing a bill to introduce his first bill state-level Bitcoin reserve.
In a post on Twitter/X, Senator Schwertner announced the filing of SB 778, making Texas the first state to establish a strategic Bitcoin reserve. According to the Texas legislator, the creation of a strategic Bitcoin reserve will make the state: blockchain leaderdrive economic growth and provide economic freedom for everyone.
Texas wants to lead the Bitcoin revolution
Texas has the 10th largest economy in the world and has more than $194 billion in general revenues that will fund state operations in 2026–2027. In addition to a huge budget, the state has a growing Bitcoin and blockchain economy. There are also several cryptocurrency mines here, including one in the town of Rockdale, which is considered the largest Bitcoin mine in North America.
It’s time for Texas to take the lead in establishing a strategic bitcoin reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a strategic bitcoin reserve. This would put our country in a position… pic.twitter.com/dRdCt86Otr
— Charles Schwertner (@DrSchwertner) January 15, 2025
According to Schwertner, it’s high time for Texas to lead the way in approving and launching a cryptocurrency reserve. In addition to proposing the creation of a reserve fund, SB 778 also makes a recommendation to create a Texas Strategic Bitcoin Reserve Advisory Committee. This committee includes, among others, the chairman of the House Appropriations and Finance Committee, the comptroller, a member of the Senate and the House.
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Texas Crypto Reserve and Its Main Purpose
While the overall goal of establishing a state crypto reserve is to leverage blockchain and apply it as a hedge against inflation, SB 778 also outlines its specific goals. Under Section 403.703, the state seeks to maintain BTC as a financial asset. The document also specifies that individuals, including Texans, can donate Bitcoin to foster shared ownership and a sense of community.
The document also indicates specific transactions that will not be allowed. For example, section 403.705 indicates that the controller cannot approve BTC purchase transactions that are to be held in other countries.
Other US states actively apply individual reserves
While there are some questions and risks associated with creating a reserve, many countries are moving forward. Apart from Texas, Oklahoma shared its plans to hold the premiere digital currency as part of its foreign exchange reserves. Rep. Cody Maynard filed HB 1203, the Strategic Reserve Act, which seeks to allocate a portion of state pension funds to purchase these digital assets.
Pennsylvania Lawmakers also outlined their plans to invest in Bitcoin. State decision-makers suggest that the State Treasury should allocate up to 10% of funds for the purchase of cryptocurrencies. Rep. Mike Cabell says the state could follow the lead of private financial companies like Fidelity and BlackRock.
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