Texas Governor Greg Abbott has expressed endorsement for a legislation recently adopted by the state House of Representatives aimed at creating a cryptocurrency reserve.
In a May 22 X post, Abbott shared a Techstory article detailing Texas lawmakers’ attempts to establish a Bitcoin (BTC) reserve. The article highlighted that the responsibility for the enactment of SB 21, the proposed legislation, now lies with Abbott, about three months subsequent to its introduction.
Since assuming office, Abbott identified himself as a “proponent of crypto legislation” in 2021 and indicated that he would endorse initiatives to position Texas as a “crypto hub” in 2024. Texas was among a select number of state legislatures that sought to create a strategic cryptocurrency reserve following the federal elections in 2024.
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On May 6, New Hampshire Governor Kelly Ayotte became the first to enact a Bitcoin reserve bill into law. Arizona Governor Katie Hobbs subsequently ratified a law permitting the state to claim ownership over unclaimed cryptocurrencies. Some localities have rejected attempts to pass comparable legislation, with around half of the 50 state governments considering a Bitcoin reserve.
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At the federal level, US President Donald Trump executed an executive order (EO) in March for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” though Congress had not formalized the order as of May 23. Wyoming Senator Cynthia Lummis has spearheaded initiatives in the chamber to pass the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, or BITCOIN, Act, reintroduced shortly after Trump’s EO.
As of March 11, the bill has been directed to the Senate Banking Committee, and it remains uncertain if or when the chamber will consider a vote. The Senate will likely first advance debate on legislation to regulate payment stablecoins, the GENIUS Act, with some legislators expecting a vote by Memorial Day, May 26.
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