Senate committee debates bill to create Texas strategic Bitcoin reserve managed by comptroller

The Senate Committee on Business & Commerce spent extensive time Oct. 12 on Senate Bill 21, a proposal to create a Texas Strategic Bitcoin Reserve and authorize the comptroller to acquire, hold, sell and manage Bitcoin and other cryptocurrencies that meet a market‑capitalization threshold.

Senator Charles Schwertner, the bill’s author, told the committee SB21 would "create the Texas strategic Bitcoin reserve, sending a clear message regarding the decades long spendthrift stewardship of our country by the federal government." He said the bill would let Texas diversify its investment approach and allow public donations into the reserve.

Under the bill as explained in committee, the comptroller could acquire, exchange, sell, manage and retain investments in Bitcoin and other cryptocurrencies with a total market capitalization of at least $500,000,000,000. The bill would allow donations of cryptocurrency, require the reserve to be managed under the same "prudent investor" standard…