Texas Governor Greg Abbott has not yet signed Senate Bill (SB) 21, which would establish a Strategic Bitcoin Reserve (SBR) for the state.
On June 20, Abbott signed 306 bills during the 89th regular legislative session, with 15 considered high-priority. One of these was a measure mandating efficiency audits across state agencies to enhance government accountability.
Legal Basis for Texas Bitcoin Permanent Reserve
However, SB 21 was notably absent from the list, despite its potential to make Texas one of the first US states to hold Bitcoin as a reserve asset. Related article
SB 21 would allow the state comptroller to allocate general revenue surplus funds to purchase Bitcoin, using transparency and oversight guidelines similar to those already applied to the Texas gold depository's gold holdings. Related article
To maintain asset stability, the bill only permits assets with a market capitalization of over $600 billion for two consecutive years. Currently, only Bitcoin meets this criterion.
The governor's office stated that they are still reviewing over 1,200 bills delivered to his desk during this session, including SB 21, which is under review just days before automatic enactment.
Bitcoin Legislation founder Julian Fahrer mentioned the missed opportunity for a symbolic signing event compared to other high-profile bills.
"It's somewhat strange that he missed the last weekday opportunity to hold a press conference and showcase it, as he did for other high-priority bills," Fahrer said.
However, Fahrer explained that the Bitcoin bill could become law on June 22 without Abbott's signature. According to Texas law, bills not rejected or signed within 20 days after the legislative session ends automatically take effect.
"It's in the Texas Constitution. After 20 days following the session's end, unsigned bills become law," he said.
Moreover, Bitcoin advocates pointed out that Abbott signed House Bill 4488, which could be indirectly related to SB 21.
That bill ensures permanently designating specific state management funds that could include the proposed Bitcoin reserve. Such funds may be stored inside or outside the state treasury, depending on future legislative directions. Related article
The governor's lack of action on SB 21 has raised curiosity, especially considering his past cryptocurrency support.
A few weeks ago, Abbott shared news of this bill on his official X account, demonstrating his passion for Texas's blockchain innovation. He also supported bills promoting cryptocurrency mining as a tool for economic growth and power grid resilience. Related article
