PANews reported on February 10 that according to Bitcoin.com, the Texas legislature is advancing the Strategic Bitcoin Reserve Act (Senate Bill 778), which was proposed by Senator Charles Schwertner and was submitted and sent to the Senate Finance Committee on February 7.

The bill proposes to establish a state-level Bitcoin reserve as a financial safety net and to support Texas’ innovation in the digital asset space. According to the bill, the reserve will:

1. Allow the Texas government to hold Bitcoin as a financial asset;

2. Allow individuals to donate Bitcoin to the state government to promote community investment and the sharing economy.

In terms of reserve management, the Texas Comptroller's Office will be responsible for supervision, including the implementation of cold wallet storage and regular audits to ensure security and transparency. The bill prohibits the acquisition of Bitcoin from foreign entities or individuals involved in illegal activities. In addition, in an emergency, the governor or the Legislative Budget Committee may authorize the sale of reserve Bitcoins, and the proceeds will be included in the state treasury.

The bill also proposes the establishment of the Texas Strategic Bitcoin Reserve Advisory Committee, which will provide management advice and establish a public recognition program for Bitcoin donors. The state government's Bitcoin purchase budget will be limited to 1% of the state's disposable fiscal revenue in every two-year budget cycle.

If the bill is passed by a two-thirds majority, it will take effect immediately; otherwise, it will be implemented on September 1, 2025.