Texas Governor Greg Abbott signaled his support on May 22 for a bill passed by the state House to create a strategic Bitcoin reserve. Abbott posted on X, referencing an article about Texas lawmakers' efforts. The decision on SB 21 now rests on Abbott after its introduction roughly three months prior.
Abbott has previously expressed support for crypto-friendly policies, aiming to establish Texas as a "crypto capital" since 2021. Texas is among several states considering strategic crypto reserves following the 2024 federal elections. New Hampshire and Arizona have already taken steps in this direction, with Governor Kelly Ayotte signing a Bitcoin reserve bill into law on May 6, and Governor Katie Hobbs approving a law allowing the state to claim unclaimed crypto.
At the federal level, an executive order for a "Strategic Bitcoin Reserve" was signed in March, but not yet codified by Congress as of May 23. The Senate is expected to debate stablecoin regulation before considering the BITCOIN Act. A vote on stablecoins is anticipated by Memorial Day, May 26.
This article is based on our author's analysis of materials taken from the following resources: Techstory via X.