The Texas Strategic Bitcoin Reserve Act establishes a special fund within the state treasury, known as the Texas Strategic Bitcoin Reserve, aimed at managing Bitcoin and other cryptocurrencies. The bill introduces new definitions related to Bitcoin, cold storage, cryptocurrency, custody, and donors, and outlines the purpose of the reserve as a means for the state to own Bitcoin as a financial asset while allowing Texans to voluntarily donate Bitcoin to support the state's financial future. The comptroller is designated to maintain custody of the Bitcoin, implement secure storage and management protocols, and accept donations from Texas residents.

Additionally, the bill amends existing law to allow state agencies to accept certain cryptocurrencies for payments, with a requirement that these cryptocurrencies be converted to Bitcoin before being deposited into the reserve. The comptroller is tasked with developing policies for secure storage, conducting audits, and preparing biennial reports on the reserve's status. The subchapter governing the reserve is set to expire on September 1, 2035, unless extended. The act will take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if not.

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