Texas Is Moving Ahead With Its Strategic Bitcoin Reserve Bill, SB21, Now Put for Vote

Texas is moving ahead with its Strategic Bitcoin Reserve Bill, SB21, now put for vote. The bill, which signals the state's growing adoption of Bitcoin

Texas lawmakers are set to vote on a bill that could create the first state-level bitcoin reserve in the US, cementing the state’s role in the digital asset space.

The Strategic Bitcoin Reserve Bill, SB21, has been placed on the “notice of intent” list for today’s vote by lawmakers. If approved, it would see Texas allocate a portion of its treasury reserves to bitcoin, setting a precedent for other states to follow in rolling out their own bitcoin reserves.

The development comes as President Donald Trump is set to reveal a major cryptocurrency policy shift at the first-ever White House crypto summit this Friday, August 4.

With the administration planning to announce a new structure for the financial industry that would give bitcoin special significance, it seems the government is finally integrating bitcoin into the broader financial system.

Texas Bitcoin Reserve Bill Faces Vote

Lawmakers in Texas could vote on the Strategic Bitcoin Reserve Bill as early as today, August 3. The legislation, which has been placed on the “notice of intent” list, aims to establish a state-backed bitcoin reserve.

The bill, introduced by State Senator Bill Paterson, would see Texas allocate a small percentage of its treasury reserves, currently estimated at around $54 billion, to bitcoin.

If approved, it would cement Texas’ role in the digital asset space, setting a precedent for other states.

Trump’s Bitcoin Strategy to be Revealed

On the national front, the Trump administration is expected to make an announcement on cryptocurrency policy. Commerce Secretary می‌تواند به طور بالقوه از بنک ها و اتحادیه های اعتباری برای نگهداری وجوه بیت کوین استفاده کند.

"I think you’re going to see a Bitcoin strategic reserve executed on Friday," Lutnick told the reporters.

The administration officials have previously stated that they are working on a structure for the financial industry that would factor in digital assets, potentially offering a glimpse into how the government plans to regulate crypto and integrate it into the broader financial system.

The upcoming crypto summit at the White House, set for Thursday, August 3, is likely to provide clarity on the administration’s plans for both regulatory and strategic aspects of crypto.

This move could reshape the U.S. financial world by offering bitcoin a level of government backing, potentially increasing its legitimacy and adoption. However, it remains to be seen how this development will affect the price of bitcoin, which has recently faced pressure due to macroeconomic trends.