Texas Introduces Groundbreaking Bitcoin Reserve Bill to Boost Financial Security and Innovation

On February 7th, the Texas Strategic Bitcoin Reserve Bill (Senate Bill 778) was presented to the Senate Finance Committee, a significant step towards enhancing the state’s engagement with **digital assets**. Proposed by Senator Charles Schwertner, the initiative seeks to establish a **state-managed Bitcoin reserve** aimed at bolstering financial security and fostering **innovation in cryptocurrency**. The bill outlines critical provisions, including authorizing the state to utilize Bitcoin as an official **financial asset** and permitting Texas residents to contribute Bitcoin to the reserve. Oversight will be the responsibility of the Texas State Auditor’s Office, ensuring proper management through **cold storage solutions** and routine audits. Notably, the proposed legislation includes a ban on acquiring Bitcoin from foreign entities with ties to criminal activities and stipulates that the **Governor** may authorize reserve sales during emergencies. Furthermore, the advisory council proposed will consist of state legislators and finance officers to oversee the initiative’s implementation effectively.