Texas Governor Greg Abbott has not yet signed Senate Bill (SB) 21, the bill that would establish a Strategic Bitcoin Reserve (SBR) for the state.
On June 20, Abbott signed 306 bills from the 89th Regular Legislative Session, including 15 bills considered high priority. One of these measures requires effective audits of state agencies to tighten government accountability.
Legal Basis for Texas's Permanent Bitcoin Reserve Fund
However, SB 21 was notably absent from the list, despite the potential to make Texas one of the first US states to hold Bitcoin as a reserve asset.
SB 21 would allow the state comptroller to allocate General Revenue surplus to purchase Bitcoin, using transparent guidelines and oversight similar to existing guidelines for gold holdings in the Texas Gold Depository.
To maintain asset stability, the bill only allows assets with a market capitalization over $600 billion for two consecutive years. Currently, only Bitcoin meets that criterion.
Governor Abbott's office stated that he is still reviewing over 1,200 bills sent to his desk during this session. This includes SB 21, which is still under consideration just days before the automatic effective date.
However, Julian Fahrer, founder of Bitcoin Laws, noted the missed opportunity for a symbolic signing event, citing similar ceremonies held for other prominent bills.
"It's strange that he missed the weekend opportunity to hold a press conference and highlight it – as he did with other high-priority bills," Fahrer said.
However, Fahrer explained that the Bitcoin bill could become law even without his signature by June 22. Under Texas law, any bill not vetoed or signed within 20 days after the legislative session ends will automatically take effect.
"This is in the Texas constitution. 20 days after the session ends, unsigned bills become law," he said.
Moreover, Bitcoin supporters pointed out that Abbott signed House Bill 4488, which may be indirectly related to SB 21.
That law protects certain state-managed funds—potentially including the proposed Bitcoin reserve—by designating them as perpetual. These funds can be stored inside or outside the state treasury, based on future legislative guidance.
Meanwhile, the Governor's lack of action on SB 21 has sparked curiosity, especially given his previous support for cryptocurrency.
Just weeks ago, Abbott shared news about the bill on his official X account, demonstrating excitement about blockchain innovation in Texas. He has also supported legislation promoting cryptocurrency mining as a tool for economic growth and grid resilience.
