Texas Senate Approves Bitcoin Investment Bill Amid Growing State-Level Crypto Adoption

On March 6, the Texas Senate passed SB 21, a bill allowing the state to invest public funds in Bitcoin, positioning Texas as a leader in state-level crypto adoption. Senator Charles Schwertner, the bill's sponsor, advocated for Bitcoin as a hedge against inflation and financial instability, citing its resilience. This move follows President Trump's call for a federal strategic crypto reserve, announced on March 2. New Hampshire also advanced similar legislation on March 5, with a committee approving House Bill 302 by a 16-1 vote, potentially allowing up to 5% of public funds to be invested in Bitcoin and precious metals. Utah faces a March 7 deadline to finalize its proposal, which has passed the state house and awaits senate approval. The Utah bill would allow investments in digital assets with over $500 billion market cap, currently only Bitcoin. These state-level initiatives contrast with industry leaders' criticism of Trump's plan to include multiple cryptocurrencies in a federal reserve, arguing Bitcoin is the only asset comparable to gold.