On May 27, 2025, a joint conference committee of Texas lawmakers reached an agreement on the final version of Senate Bill 21 (SB 21), the Texas Strategic Bitcoin Reserve Act. Here are the key details:
Extended Asset Qualification Period: The bill adopts the House’s stance on digital asset qualification. It requires that crypto assets in the reserve maintain a $500 – billion market capitalization for 24 consecutive months, instead of the 12 months originally proposed by the Senate.
Removal of Staking Clause: The final draft excludes a staking clause that the House had previously added. This means Texas will hold digital assets passively and not generate yield through staking.
Asset Management Provisions: The Texas comptroller will be authorized to work with external providers for asset management, including a qualified custodian, a liquidity provider, and an independent certified public accountant. The bill also permits using derivatives if beneficial to the fund.
Advisory Committee Establishment: A five – member Texas Strategic Bitcoin Reserve Advisory Committee will be established to advise on asset valuation methods and recommend investment policies.
Financial Reporting Requirements: The comptroller must publish a detailed financial report every two years, with updates due by December 31 of each even – numbered year.
With the final edits in place, SB 21 awaits a final vote in both chambers before going to Governor Greg Abbott’s desk.
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