The Texas Senate adopted the conference committee report for Senate Bill 21 on a 24-7 roll call, creating the Texas Strategic Bitcoin Reserve as a special fund managed by the comptroller of public accounts.

The move establishes a state-managed fund that the conference committee revised after negotiations with House conferees. Senator Charles Schwertner, the sponsor who presented the report, said the panel changed eligibility timing for cryptocurrencies and removed proposals seen as higher risk.

“Most importantly, members, after careful consideration of the Senate's prior deliberations, the conference committee stripped the provision permitting the acceptance of voluntary donations of cryptocurrency and declined also to include the additional language that would have authorized the comptroller to engage in the lending and staking of the cryptocurrency held in the reserve,” Senator Schwertner said on the floor.

The report lengthened the duration requirement for eligible cryptocurrencies’ minimum market capitalization from 12 months to 24 months, and kept language allowing the comptroller to contract with a qualified liquidity provider to manage fund operations. The Senate also approved other technical changes the conferees negotiated before final adoption.

With the vote recorded as 24 ayes and 7 nays, the conference committee report on SB 21 was adopted and will be enrolled for transmission to the House and, if agreed, to the governor.

The action sets state policy for a new special fund and narrows the comptroller’s authorities compared with earlier versions of the bill.