Texas Lieutenant Governor Dan Patrick supports the bipartisan passage of Senate Bill 21, establishing the Texas Bitcoin Reserve. In a statement after the bill’s passage, he backed Bitcoin, saying 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, saying 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 would allow the state to invest in digital assets. The bill directs the Texas comptroller to create a reserve fund separate from the general treasury, allowing the agency to buy, sell, or otherwise invest in Bitcoin. However, the reserve fund is limited to cryptocurrencies with an average market cap of $500 billion over 12 months—a criteria only Bitcoin currently meets.
After the bill passed, Governor Dan Patrick claimed that he would prioritize the state development of the Bitcoin Reserve to strengthen Texas’ leadership in the digital economy.
He further commented:
“Today, the Texas Senate delivered on that promise by passing SB 21 with both Republican and Democrat votes to create the Texas Bitcoin Reserve. Some have called Bitcoin “digital gold,” and I believe its limited supply and decentralized nature make it a critical asset for Texas’ future.” – Governor Dan Patrick
He even praised Trump for his “visionary leadership” on Bitcoin and digital assets, saying it would allow for more American innovation. He insisted that he supports Trump’s crypto plan, hoping that Texas will become the “epicentre” of the country’s digital economy. He also hoped other states could join them and establish their reserves.
Senator Charles Schwertner, who introduced the bill to the Senate, has consistently argued that the Bitcoin Reserve would be a valuable stockpile during a severe national deficit, inflation, and economic instability.
Before the bill was passed, he claimed that the Bitcoin Reserve would be a symbol that their state supports digital assets and would also send a condemning message to the federal government over the rise in national debt.
About five states have tanked their Bitcoin Reserve Bills
New Hampshire also passed the House Bill 302 by a 16-1 vote on Wednesday. That means the state can allocate up to 5% of its funds to Bitcoin and other precious metals.
So far, more than 15 US states have introduced a Bitcoin Reserve Bill; however, at least five states have faced major obstacles in passing their respective bills. Pennsylvania, Wyoming, Montana, South Dakota, and North Dakota are just some of the states that have failed to advance 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 believes that only Bitcoin whales will profit from state Bitcoin investments, saying reserve funds will only provide subsidized markets for investors who want to cash out. He even argued that crypto-assets do not really have any value, comparing 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, said in a post on social media platform X.
The White House crypto summit attendees expect the event to serve as a stage for Trump to formally announce his plans to build a strategic reserve containing Bitcoin and four other cryptocurrencies.
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