The Texas Bitcoin Reserve Bill has been submitted to the Senate Finance Committee for consideration

The Texas Strategic Bitcoin Reserve Act (Senate Bill 778) was submitted to the Senate Finance Committee for consideration on February 7. The bill, introduced by Senator Charles Schwertner, seeks to establish a state-controlled bitcoin reserve to enhance financial security and drive innovation in digital assets.
The main elements of the bill include: 1) authorizing the Texas government to hold bitcoin as a financial asset; 2) allowing individuals, including residents of the state, to donate bitcoin to the reserve to promote community co-investment; 3) being administered by the Texas Comptroller's Office, implementing a cold storage program and conducting regular audits; 4) prohibiting the acquisition of bitcoin from foreign entities or individuals involved in illegal activities; 5) in an emergency, the governor or the Legislative Budget Committee may authorize the sale of bitcoin in the reserve.
In addition, the bill proposes the creation of the Texas Strategic Bitcoin Reserve Advisory Committee, made up of state legislators and financial officials. The state legislature's funds for bitcoin purchases are capped at 1% of the state's unrestricted general revenue balance every two years. If passed by a two-thirds majority, the bill would take effect immediately, otherwise it would take effect on September 1, 2025.