Texas Lieutenant Governor Dan Patrick supports the bipartisan passage of Senate Bill 21, establishing the Texas Bitcoin Reserve. In a statement following the bill’s passage, he backed Bitcoin, asserting it would be a vital asset for the state’s digital future. He also endorsed Trump’s visionary plan to make the United States the crypto capital of the world, stating that his state is leading the charge.
Dan Patrick wants to prioritize the development of the state’s Bitcoin Reserve. On Thursday, Texas lawmakers passed Senate Bill 21, which allows the state to invest in digital assets. The bill directs the Texas comptroller to create a reserve fund separate from the general treasury, enabling the agency to buy, sell, or otherwise invest in Bitcoin. However, the reserve fund is limited to cryptocurrencies with an average market capitalization of $500 billion over 12 months—a criterion that only Bitcoin currently meets.
After the bill was passed, Governor Dan Patrick declared that he would prioritize the state’s development of the Bitcoin Reserve to strengthen Texas’ leadership in the digital economy. He further commented: He even praised Trump for his “visionary leadership” on Bitcoin and digital assets, claiming it would facilitate more American innovation. He insisted that he supports Trump’s crypto plan, hoping that Texas will become the “epicenter” of the country’s digital economy. He also expressed hope that other states would join them in establishing their reserves.
Senator Charles Schwertner, who introduced the bill to the Senate, has consistently argued that the Bitcoin Reserve would serve as a valuable stockpile during a severe national deficit, inflation, and economic instability. Prior to the bill’s passage, he asserted that the Bitcoin Reserve would symbolize the state’s support for digital assets and send a strong message to the federal government regarding the rising national debt.
About five states have tanked their Bitcoin Reserve Bills. New Hampshire also passed House Bill 302 by a 16-1 vote on Wednesday, allowing the state to allocate up to 5% of its funds to Bitcoin and other precious metals. So far, more than 15 U.S. states have introduced Bitcoin Reserve Bills; however, at least five states have encountered significant obstacles in advancing their respective bills. Pennsylvania, Wyoming, Montana, South Dakota, and North Dakota are among the states that have failed to progress their crypto reserve bills.
Contrary to pro-crypto analysts, some, including Hilary Allen, a law professor at American University, believe that state reserve funds should not be established. Allen argues that only Bitcoin whales will benefit from state Bitcoin investments, suggesting that reserve funds will merely create subsidized markets for investors looking to cash out. He further contended that crypto-assets do not possess real value, likening them to Ponzi-like assets.
Meanwhile, U.S. President Donald Trump has signed an executive order to establish a strategic Bitcoin reserve just as he prepares to meet with cryptocurrency industry executives at the White House. The reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings, the White House crypto czar, billionaire David Sacks, stated in a post on the social media platform X. Attendees of the White House crypto summit expect the event to serve as a platform for Trump to formally announce his plans to build a strategic reserve containing Bitcoin and four other cryptocurrencies.