Texas has moved a step closer to holding Bitcoin (BTC) as a reserve asset, with the state senate passing a bill on March 6 that would allow public funds to be allocated to digital assets.
The decision places Texas at the forefront of a growing trend among states exploring crypto investments following President Donald Trump’s call for a federal strategic crypto reserve.
State-level momentum
The Texas bill, SB 21, would permit the state to invest in Bitcoin, a move its sponsor, Senator Charles Schwertner, described as a hedge against inflation and financial instability. Schwertner argued that Bitcoin has repeatedly proven its resilience through economic cycles, making it a viable reserve asset.
New Hampshire also advanced its own legislation this week. On March 5, a state house committee approved House Bill 302 by a 16-1 vote, paving the way for the state to invest up to 5% of public funds in bitcoin and precious metals. The bill now awaits a full vote in the state legislature.
Meanwhile, Utah is running out of time to finalize a similar proposal. The state’s legislative session ends on March 7, and its bill — already passed by the state house — still awaits a vote in the Senate.
If approved, it would allow Utah to allocate public funds to digital assets valued at over $500 billion in market capitalization, a criterion that currently applies only to Bitcoin. Governor Spencer Cox, a Republican who has previously supported blockchain initiatives, would then decide whether to sign it into law.
Federal crypto reserve
The surge in state-level crypto legislation follows Trump’s renewed push for a national crypto reserve, which he announced on social media on March 2. The US President outlined a plan that could include digital assets beyond Bitcoin.
Industry leaders have largely pushed back against including multiple cryptocurrencies, arguing that Bitcoin alone has the characteristics necessary for a reserve asset comparable to gold.
Uncertainty remains over how the government would source or manage such a portfolio, and no formal policy framework has been proposed.
With some states moving aggressively toward bitcoin adoption and others facing legislative roadblocks, the debate over cryptocurrency’s role in public finance is expected to intensify in the coming months.
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