Overview

• Senate Bill 21 and its companion, House Bill 4488, were enacted to establish the Texas Strategic Bitcoin Reserve and shield it from routine legislative fund sweeps.
• The state allocated an initial $10 million appropriation to purchase bitcoin and seed the newly created reserve.
• Legislation restricts reserve purchases to digital assets with a 24-month average market capitalization of at least $500 billion, ensuring only bitcoin qualifies.
• The comptroller’s office will manage acquisitions and custody according to institutional standards, with a bipartisan advisory committee reviewing performance and issuing biannual reports.
• Financial commentator Peter Schiff criticized the plan on social media, warning that using taxpayer money for cryptocurrency investments could expose the state to speculative risks.