Key Points
- Texas Senate approves a proposal to invest public funds in Bitcoin (BTC).
- President Donald Trump is expected to reveal a national Bitcoin strategy at the White House Crypto Summit.
The state of Texas has taken a significant step towards establishing a Bitcoin reserve policy. The state Senate has given its approval to a proposal to invest public funds in Bitcoin (BTC) in a 25-2 vote. This development is part of a broader U.S. crypto policy race.
Moving Towards Bitcoin Adoption
The proposal has now been passed to the House, which has until May 24 to act on it. Dennis Porter, founder of the Satoshi Act Fund, suggested that the House members might fast-track the process, bringing the proposal to the governor’s desk sooner.
It’s not just Texas that’s considering such a move. Over two dozen states are currently discussing bills to allocate taxpayer money towards buying BTC. This is part of a nationwide adoption wave driven by crypto lobbying efforts and the return of Donald Trump as president. Texas, with its $2.6 trillion GDP, and Utah are seen as the most likely to pass a Bitcoin investment bill into law.
Anticipating a National Bitcoin Strategy
This news comes ahead of the White House Crypto Summit, where some of the biggest names in the industry are expected to attend. There is speculation that President Trump will use the event to announce a national Bitcoin strategy.
David Sacks, the White House AI and Crypto Czar, has criticized the government’s previous handling of Bitcoin. The U.S. sold 195,000 BTC for $336 million over 12 years, missing out on a potential profit of $17 billion if it had held onto the asset. Sacks stated that President Trump has instructed the White House crypto working group to develop a national BTC reserve strategy.
There have been questions raised about whether a U.S. crypto reserve would include altcoins like (XRP), Solana (SOL), and Cardano (ADA). Howard Lutnick, commerce secretary and former Cantor Fitzgerald CEO, suggested that while BTC will be the focus, altcoins will be “treated differently” but positively.
