Thomas Daniels
Texas is positioned as a pioneer in incorporating cryptocurrency into its financial strategy after Lieutenant Governor Dan Patrick announced intentions to create a Texas Bitcoin Reserve. The plan is expected to be a top legislative priority in the 2025 session, further solidifying Texas’ standing as a blockchain-friendly state.
“Over the last four years, the Texas Senate held the line, fighting back against President Biden’s disastrous agenda,” Patrick stated. “Now, with President Trump back in office, Texas has a friend in the White House.”
The announcement coincides with escalating hostilities between federal officials and cryptocurrency miners. The U.S. Securities and Exchange Commission (SEC) was sued recently by the cryptocurrency mining company Lejilex over the regulatory classifications of digital tokens.
Furthermore, in February 2024, the Texas Blockchain Council and Riot Platforms filed a lawsuit against the Office of Management and Budget (OMB), the Energy Information Administration (EIA), and the U.S. Department of Energy, contesting emergency data gathering requirements on energy use from cryptocurrency mining. The plaintiffs contend that these activities represent further federal overreach and violate the Paperwork Reduction Act.
Arizona Moves Forward with Its Own Reserve Bill for Bitcoin
Texas is not the only state using Bitcoin. With the Arizona Strategic Bitcoin Reserve Act (SB1025), Arizona is likewise making progress. Co-sponsored by Representative Jeff Weninger and State Senator Wendy Rogers, the bill was recently approved by the Senate Finance Committee with a 5-2 vote. It would allow the state to invest up to 10% of public funds, including treasury and retirement system reserves, in digital assets like Bitcoin.
Prior to a full Senate vote, the bill now goes to the Senate Rules Committee. In keeping with an increasing trend of U.S. states incorporating cryptocurrency into their financial frameworks, Arizona would join Texas in establishing Bitcoin as a strategic financial asset if it were to become law.
