The Texas Strategic Bitcoin Reserve Act establishes a special fund within the state treasury dedicated to holding Bitcoin as a financial asset. This act introduces a new subchapter to Chapter 403 of the Government Code, defining key terms such as "Bitcoin," "cold storage," "cryptocurrency," and "custody." The comptroller is tasked with maintaining custody of the Bitcoin, implementing secure storage and management protocols, and accepting donations from Texas residents. The act emphasizes the strategic potential of Bitcoin for enhancing the state's fiscal resilience and encourages community investment in Texas's financial future.

Additionally, the bill amends existing provisions regarding the acceptance of payment methods by state agencies to include 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 develop rules for the management of these assets, including security protocols and reporting standards. The subchapter is set to expire on September 1, 2035, unless further action is taken.

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