With President Donald Trump’s inauguration just a few days away,how to convert usdt to usd on coinbase Bitcoin and blockchain supporters are bracing for crypto-friendly policies. Leading the charge is Texas, with Senator Charles Schwertner announcing a bill to launch its first state-level Bitcoin reserve.
In a Twitter/X post, Senator Schwertner announced the filing of SB 778, making Texas the first state to create a strategic Bitcoin reserve. According to the Texan legislator, creating a strategic Bitcoin reserve will position the state as a blockchain leader, drive economic growth, and secure everyone’s economic freedom.
Texas Wants To Lead The Bitcoin Revolution
Texas is the 10th largest economy globally and has over $194 billion in general revenue that will fund the state’s operations from 2026 to 2027. In addition to its huge budget, the state has a growing Bitcoin and blockchain economy. It’s also home to several crypto mines, including the one in the city of Rockdale, which is acknowledged as the biggest Bitcoin mining operation in North America.
It’s time for Texas to lead the way 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 position our state at the… pic.twitter.com/dRdCt86Otr
— Charles Schwertner (@DrSchwertner) January 15, 2025
According to Schwertner, it’s about time that Texas led the way in approving and launching a crypto reserve. In addition to the proposal to start a reserve fund, SB 778 also outlines a recommendation to set up the Texas Strategic Bitcoin Reserve Advisory Committee. This committee shall include the House chairs for Appropriations and Finance, a comptroller, a member of the Senate and the House, among others.
Texas’ Crypto Reserve And Its Primary Purpose
Although the general aim of establishing the state’s crypto reserve is to leverage the blockchain and use it as a hedge against inflation, SB 778 also outlines its specific purposes. According to Section 403.703, the state aims to hold BTC as a financial asset. The document also specifies that persons, including Texans, can donate Bitcoin to advance shared ownership and a sense of community.
The document also highlights specific transactions that will not be allowed. For example, Section 403.705 indicates that the comptroller cannot approve transactions to buy BTC to be held in other countries.
Other US States Are Actively Pursuing Individual Reserves
Although some questions and risks are associated with creating a reserve, many states are pushing forward. Aside from Texas, Oklahoma has shared its plans to hold the premiere digital currency as part of its currency reserves. Representative Cody Maynard filed HB 1203, the Strategic Reserve Act, which aims to allocate a portion of the state’s pension funds to buy these digital assets.
Pennsylvania lawmakers also submitted their plans to invest in Bitcoin. The state’s policymakers suggest that the state’s Treasury allocate up to 10% of the funds to buy crypto. Representative Mike Cabell says the state can follow the lead of private financial firms like Fidelity and BlackRock.
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