S.B. No. 21 establishes the Texas Strategic Bitcoin Reserve, a special fund aimed at investing in cryptocurrency, specifically bitcoin, under the management of the comptroller of public accounts. The bill introduces a new subchapter in the Government Code that outlines definitions related to cryptocurrency, including terms like "airdrop," "cold storage," and "qualified custodian." The comptroller is granted the authority to administer the reserve, which will consist of funds appropriated by the legislature, revenue dedicated to the reserve, and any cryptocurrency acquired through purchases or distributions. Additionally, the bill mandates that any cryptocurrency purchased must have an average market capitalization of at least $500 billion over the previous 24 months.

The legislation also establishes a Texas Strategic Bitcoin Reserve advisory committee to assist the comptroller in managing the reserve, which will include members with expertise in cryptocurrency investments. The comptroller is authorized to contract with third-party entities for the administration of the reserve and may utilize derivatives if deemed beneficial. Furthermore, the bill requires the comptroller to publish a biennial report detailing the reserve's holdings and management activities. The comptroller is also empowered to adopt necessary rules for the implementation of this act.

Statutes affected:
Introduced: Government Code 2256.004 (Government Code 2256)
Senate Committee Report: Government Code 2256.004 (Government Code 2256)
Engrossed: Government Code 2256.004 (Government Code 2256)
House Committee Report: Government Code 2256.004 (Government Code 2256)
Enrolled: Government Code 2256.004 (Government Code 2256)