Texas has come a step closer to keeping Bitcoin (BTC) as a spare walk, in which the Senate assumes a bill on 6 March that allows public funds to be allocated to digital assets.
The decision places Texas first in a growing trend among states that investigate crypto investments after President Donald Trump’s call for a federal strategic crypto reserve.
Momentum at state level
The bill in Texas, SB 21, would enable the State to invest in Bitcoin, a movement that described his sponsor, Senator Charles Schwertner, as a cover against inflation and financial instability. Schwertner argued that Bitcoin has repeatedly proven his resilience through economic cycles, making it a viable reserve.
New Hampshire has also promoted its own legislation this week. On March 5, a state house committee approved the Bill 302 house with a vote of 16-1, so that the state cleared the way for the state to invest up to 5% of public funds in Bitcoin and precious metals. The bill is now waiting for a complete vote in the state legislator.
In the meantime, Utah no longer has time to complete a similar proposal. The legislative session of the State ends on March 7 and the bill – already adopted by the State House – is still waiting for a vote in the Senate.
If approved, it would allow UTAH to allocate public funds to digital assets with a value of more than $ 500 billion in market capitalization, a criterion that currently only applies to Bitcoin. Governor Spencer Cox, a Republican who previously supported blockchain initiatives, would then decide whether it would sign in the law.
Federal Crypto Reserve
The increase in crypto legislation at state level follows on Trump’s renewed urge for a national crypto reserve, which he announced on social media on 2 March. The American president outlined a plan that can include digital assets outside of Bitcoin.
Industrie leaders have largely pushed back against the absorption of several cryptocurrencies, with the argument that Bitcoin only has the characteristics needed for a reserve resistant that is similar to gold.
Uncertainty remains about how the government would find or manage such a portfolio, and no formal policy framework has been proposed.
With some states that go aggressively to the adoption of Bitcoin and others who are confronted with legislative roadblocks, the debate about the role of cryptocurrency in public finances is expected to intensify in the coming months.
