Texas was the first state to make its own moves to emulate President Trump's idea of governments stashing bitcoins.
Why it matters: If the federal government and multiple states end up sitting on the original cryptocurrency, that will give a lot of Americans indirect exposure to the asset, whether they like it or not.
The latest: Senate Bill 21 got a hearing in a Texas Senate committee yesterday, but no further action was taken.
Friction point: The new legislation takes a stronger position on bitcoin than a previous bill introduced in December.
That effort, House Bill 1598 from Rep. Giovanni Capriglione, would simply authorize the state to accept donations of bitcoin and to provide for certain rules about how it should be stewarded.
This new resolution actually opens the door up to the state buying bitcoin.
Zoom out: Plenty of states have kicked around the idea of bitcoin reserves, but it might be that it's just an easy way to get a headline in state newspapers.
What we're watching: Lee Bratcher of the Texas Blockchain Council tells Axios he expects Senate Bill 21 to get voted out of committee on Tuesday.
Bratcher noted that Texas is already a "global energy powerhouse and the recognized leader for Bitcoin mining," but the legislation would further that leadership position.
/2025/02/20/1740063858334.gif?w=3840)
