Texas Set to Lead Crypto Charge as Governor Backs Bitcoin Reserve Bill
Texas Governor Greg Abbott has shown his support for a bill recently approved by the state House of Representatives that would establish a strategic cryptocurrency reserve in the state.
On May 22, Abbott shared an article from Techstory via X (formerly Twitter), highlighting Texas lawmakers’ move to create a Bitcoin (BTC) reserve. The article noted that the fate of Senate Bill 21 (SB 21) now lies with Governor Abbott, nearly three months after the bill was first introduced.
Abbott has long positioned himself as a pro-crypto politician. Back in 2021, he called himself a “crypto law proposal supporter” and pledged to back initiatives that could turn Texas into a leading “crypto capital” by 2024. Following the 2024 federal elections, Texas became one of several U.S. states to consider creating a strategic crypto reserve. Notably, New Hampshire Governor Kelly Ayotte became the first to officially sign a Bitcoin reserve bill into law on May 6, followed by Arizona Governor Katie Hobbs, who approved legislation granting the state control over unclaimed crypto assets. Meanwhile, about half of all U.S. states have either proposed or rejected similar cryptocurrency reserve initiatives.
Federal Push to Establish a National Bitcoin Reserve
On the federal front, President Donald Trump issued an executive order in March calling for the creation of a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.” However, as of May 23, the U.S. Congress had not yet passed legislation to officially enforce the order.
In the Senate, Wyoming Senator Cynthia Lummis has taken the lead in promoting the BITCOIN Act (Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide). The bill was reintroduced shortly after Trump’s executive order and, as of March 11, was referred to the Senate Banking Committee. It remains uncertain when the Senate will vote on the bill.
In the meantime, lawmakers are expected to focus first on the GENIUS Act, which seeks to regulate payment stablecoins. A vote on that legislation could happen by Memorial Day, May 26.
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