Texas state lawmakers have reintroduced a bill aimed at establishing a Strategic Bitcoin Reserve, now designated as SB 21, which allows for investments in additional crypto. Senator Charles Schwertner announced the bill on Feb. 12, emphasizing that it would make Texas the first state to create such a reserve, potentially driving innovation and financial freedom.

The new legislation builds on SB 778, previously introduced in January, which focused solely on Bitcoin. While SB 778 restricted the state to purchasing and holding Bitcoin without using it for other operations, SB 21 broadens the scope to allow investments in crypto that have maintained a market capitalization of at least $500 billion over the past year. Currently, Bitcoin is the only cryptocurrency meeting this criterion.

Schwertner noted that Lieutenant Governor Dan Patrick has prioritized this bill as one of the Senate's top 40 legislative initiatives.

In support of the bill, Dennis Porter, founder of the Satoshi Action Fund, highlighted its significance in a post on X, stating it has been communicated as a major priority by the Lieutenant Governor’s office.

The refiled legislation also grants greater control to financial experts regarding the management of the reserve, contrasting with SB 778, which placed authority in the hands of state legislators and introduced stricter oversight and funding rules.

Notably, SB 21 eliminates the previous annual buying limit of $500 million, allowing the legislature to appropriate funds as deemed necessary.

In addition to Texas, 19 other U.S. states have proposed similar cryptocurrency legislation, with Arizona and Utah advancing their bills beyond the House committee stage. Meanwhile, North Dakota has recently rejected a crypto investment bill, and North Carolina has introduced legislation to invest in Bitcoin exchange-traded products.