Texas is the first to implement a Bitcoin reserve bill, allocating tens of millions of dollars to establish a special fund.

Texas has recently passed a groundbreaking bill, becoming the first state in the U.S. to actually establish a state-level Bitcoin reserve. The governor has signed SB 21, which authorizes the establishment of an independent Bitcoin reserve fund and allocates $10 million for the purchase of Bitcoin.

This fund will be managed by the state treasurer and will operate independently of the traditional state financial system. Meanwhile, the passage of HB 4488 ensures that the fund will not be diverted for other financial purposes, and its legal status will be protected even if Bitcoin is not purchased in the short term.

The SB21 bill recognizes that cryptocurrencies such as Bitcoin have strategic potential to enhance the fiscal resilience of states and can serve as tools against inflation and economic fluctuations. The bill outlines in detail the management of the reserve fund, the scope of asset utilization, and the execution standards.

The comptroller can flexibly manage reserve assets, including operations such as investments, exchanges, and sales. Reserve funds can be co-invested with state treasury funds, but generally cannot be transferred to the state treasury. Currently, only Bitcoin meets the $500 billion market capitalization standard specified in the legislation.

On the execution level, the comptroller can cooperate with custodians who have cold wallet technology and qualified liquidity providers. The bill also allows the use of derivatives and establishes a five-member advisory committee to provide professional advice.

The congressmen involved in drafting the bill stated that this measure is a protection of individual financial power and complements the previously established state precious metals depositories. He believes that state governments are often quicker and more in touch with public opinion in terms of policy innovation than the federal government.

Experts from Bitcoin policy research institutions point out that the core significance of strategic Bitcoin reserves lies in preserving the value of public funds, combating inflation, and ensuring that state governments can fulfill their obligations in the future. Different states may adopt different Bitcoin integration strategies, such as incorporating them into investment portfolios or issuing "Bitcoin municipal bonds" and so on.

Currently, Texas is communicating with interested companies to prepare for an open and transparent bidding process to select suitable custodians and service providers. The state government hopes to directly custody physical Bitcoin and control the private keys, rather than simply purchasing an ETF.

The passage of this bill marks an important step for local governments in the United States in exploring financial sovereignty, and provides a reference experience for other states. As more states follow suit, the application of Bitcoin in public finance may further expand.