The Texas Strategic Bitcoin Reserve Act establishes a Bitcoin reserve within the state treasury, allowing the state to hold Bitcoin as a financial asset and enabling Texas residents to voluntarily donate Bitcoin to this reserve. The bill introduces a new subchapter to Chapter 403 of the Government Code, defining key terms such as "Bitcoin," "cold storage," "cryptocurrency," and "custody." It outlines the purpose of the reserve, which is to enhance the state's fiscal resilience and promote community investment in Texas's financial future. The comptroller is tasked with maintaining custody of the Bitcoin, implementing secure storage and management protocols, and conducting regular audits to ensure transparency.

Additionally, the bill amends existing provisions regarding the acceptance of payment methods by state agencies, allowing for the acceptance of certain cryptocurrencies. It mandates that any cryptocurrencies accepted must be converted to Bitcoin before being deposited into the Texas Strategic Bitcoin Reserve. The comptroller is also required to prepare biennial reports detailing the reserve's holdings and any transactions related to it. The subchapter is set to expire on September 1, 2035, unless extended.

Statutes affected:
Introduced: Government Code 403.023 (Government Code 403)