Shouting to buy $500 million worth of BTC reserves every year, can Texas be the first to build an encryption utopia?

Several states in the United States have simultaneously launched legal actions to include BTC in reserves. Currently, Texas is the next key battleground. Can the 'Wild West Spirit' rewrite the national reserve rules in the United States? (Background: Utah passed the BTC bill, but the most important provision '5% asset to buy BTC' was deleted. Where is the next hope?) The storm of encryption continues to brew over the United States. On March 7, President Trump signed an executive order 'Establishing Strategic BTC Reserves and U.S. Digital Asset Reserves'; on March 8, the White House held an encryption summit, bringing together government officials and encryption industry leaders. On March 9, a new move in Texas once again ignited the passion of the entire encryption market—the State Senate officially passed Senate Bill 21 (SB 21), establishing the first state-level Cryptocurrency fund in U.S. history—Texas Bitcoin Reserve! This 'Wild West' land is now set to become the 'state of digital gold', and will invest 500 million US dollars to buy BTC (BTC) and other top Cryptocurrency every year. This is not only a 'small move' within the state, but also a benchmark for encryption policies across the United States and even globally. Is Texas really going to lead the United States to dominate the BTC? Odialy Planet Daily leads readers to explore the truth. How will Texas navigate the legal and technical maze of BTC reserves? Establishing BTC reserves is not as simple as buying a BTC hardware wallet. Texas needs to go through a series of legal, regulatory, and technical steps to ensure that this 'digital vault' is firmly established. According to the latest information, the SB 21 bill was passed by the Texas State Senate on March 6, 2025, with a vote of 25 to 5. This is good news, but don't rush, this is just the beginning. The successful implementation of the bill requires several steps: The first step: First, the legislative proposal needs to be drafted by state legislators or relevant committees and submitted to the state legislature. The content of the bill includes specific goals of the BTC reserve, funding sources, purchase and management methods, and other details. After the bill is proposed, it is usually assigned to the state legislature's finance or economic development committee for detailed review, and public hearings may be held to hear opinions from all parties. The second step: Next, the bill needs to be voted on by both houses of the state legislature (if the state has a bicameral system). First, the state House of Representatives will discuss and vote, and if it passes the majority, it will be submitted to the Senate for further review and voting. The process may be reversed in some states. After both houses pass the bill, it can enter the final approval stage. Readers should note that the House of Representatives and the Senate mentioned in this article refer to the House of Representatives and the Senate of the state. Generally, state legislation does not require approval from the federal Senate and House of Representatives. (Note: Texas has now reached this step!) The third step: After the bill has passed both houses of the state legislature, it will be sent to the governor for signature. If the governor agrees and signs, the bill becomes law, and the state government can officially implement the BTC strategic reserve. If the governor vetoes the bill, the legislature can revise it or attempt to overturn the veto with a higher majority vote (usually two-thirds). The fourth step: Once the bill takes effect, the state government will designate relevant agencies to implement the reserve plan, usually managed by the state treasury or a specially established fund management department. They need to develop specific purchasing strategies, choose appropriate custody methods (such as third-party custody or self-custody), and ensure the security of reserve funds. At the same time, the state government needs to establish a transparent regulatory and auditing mechanism to regularly report on the status of the BTC reserve to the public or legislative bodies. If there are any hiccups in any of the above steps, the BTC reserve bill will not pass in that state. Therefore, the bill still needs to undergo vigorous debate in the House of Representatives (there may be opposition questioning the Fluctuation of BTC prices), and finally, the governor's signature is needed to officially take effect. However, according to the latest public information, the bill has been reported as 'Engrossed', meaning it has been sent to the House of Representatives for deliberation; there is currently no clear public information on the specific time for the House of Representatives to vote. The House of Representatives vote may take place in the next 2-4 months (roughly between May and July 2025), but it has not been officially confirmed, and the actual timing depends on the arrangement and priority of the House of Representatives committee. If more specific official timing is announced, it is usually updated on the Texas legislative website (capitol.texas.gov) or related news. In addition, on the technical side, the Texas government plans to have the state comptroller manage the fund, using Cold Storage (similar to locking gold bars in a safe, offline storage to prevent hacker attacks) to protect BTC from threats; the investment strategy plans to purchase BTC up to 500 million US dollars annually. The entire process is like building a digital version of Fort Knox, complex but full of potential. And Texas plans to mitigate the risk of BTC price Fluctuation or jeopardizing public funds through advisory committees and strict audits (submitting reports to the state legislature every two years). Why is Texas taking the lead? First, Texas's economic size and policy environment have strong advantages. Texas is the second largest economy in the United States, ranking second in GDP in the United States and also making it into the top ten globally. The strong economic foundation allows Texas to adopt a more open attitude towards new things and be willing to experiment, especially in high-risk and high-return areas such as Cryptocurrency. In addition, Texas' long-standing policy of 'low regulation, high freedom' has attracted a bunch of innovative companies, especially in the blockchain and Cryptocurrency industries. The 'HB 4474 Act' passed by Texas in 2021 has already included Virtual Money in the commercial law framework, laying the policy foundation for the subsequent encryption industry. Furthermore, Texas's energy resources and industrial structure also provide power support for encryption mining. Encryption mining consumes a huge amount of electricity, and Texas has abundant wind, solar, and natural gas resources, relatively cheap electricity prices, and a high degree of grid independence (the ERCOT system is basically self-contained), which is extremely attractive to mining companies. Many BTC mining companies, such as Riot Blockchain, have long been rooted in Texas. If the 'SB 21 bill' is truly passed, Texas can further leverage public funds to directly invest in Cryptocurrency, and further enhance its energy advantage to attract more players to get on board. Riot Blockchain's BTC mining factory in Texas Secondly, political orientation and leadership attitudes have also played a role in pushing the tide. The current governor of Texas, Greg Abbott, has always maintained an open attitude towards Cryptocurrency, and even publicly expressed support for related legislation. The initiator of the 'SB 21 bill', Senator Charles Schwertner, also prioritized the bill, with the backing of industry organizations such as the Texas Blockchain Council lobbying for the bill. Everyone's goal is the same, wanting Texas to become the 'experimental field' for encryption reserves, setting rules and occupying the market ahead of other states. Finally, Texas's culture and history also deserve credit. People here have always liked to be innovative and emphasize independence, and it's not unusual to do something 'counter-mainstream'. In addition, Texas has previously walked a similar path with its state gold reserves (Texas Bullion Depository) in 2015, and now implementing BTC reserves is also consistent with its usual style. Texas' encryption reserves have not yet been completely settled. If it does achieve success, Texas is estimated to further...