Official announcements from the Texas state government or credible news sources

Texas and Oklahoma Propose Strategic Bitcoin Reserves, Joining 8 States in Trend

Jan 15, 2025, 10:31 PM

Texas and Oklahoma have taken steps to establish strategic Bitcoin reserves, reflecting a growing trend among U.S. states to adopt cryptocurrency as a state asset. Texas Senator Charles Schwertner introduced Senate Bill 778, aiming to make Texas the first state to establish such a reserve. Oklahoma Representative Cody Maynard proposed the Strategic Bitcoin Reserve Act, which would allow state funds to invest in Bitcoin and other digital assets with a market capitalization exceeding $500 billion. These initiatives are part of a broader movement, with eight states currently considering similar legislation. Texas enters this budget cycle with a nearly $24 billion surplus and is projected to have more than $28 billion in its rainy day fund. The proposed legislation in Oklahoma includes a cap of 10% on investments in digital assets and would take effect in November 2025. The moves align with President-elect Donald Trump's vision for digital assets, as he has previously advocated for a federal Bitcoin stockpile.