Odaily News The Texas Strategic Bitcoin Reserve Act was recently read and submitted to the Senate Finance Committee for review. Senate Bill 778, introduced by Senator Charles Schwertner, proposes to establish a state-controlled Bitcoin reserve as a financial guarantee and strengthen Texas’ role in digital asset innovation.
Under the proposed legislation, the reserve is designed to achieve two key purposes: (1) the state can own and hold Bitcoin as a financial asset; and (2) individuals (including state residents) can donate Bitcoin to the state and deposit it into the reserve to promote shared ownership and community investment in the state’s financial future.
The bill establishes strict security and management guidelines for the Bitcoin reserve. The Texas Comptroller’s Office will oversee its management, ensuring safekeeping and proper storage practices. The bill states that “the Comptroller shall have custody of all Bitcoin held in the reserve,” emphasizing the state’s responsibility in protecting the assets. A cold storage solution will be implemented to prevent unauthorized access, and regular audits will be conducted to maintain transparency.