According to information from Cointelegraph on May 24, Texas Governor Greg Abbott has officially expressed support for Bill SB 21 - an initiative aimed at establishing a strategic Bitcoin reserve fund for the state of Texas. The support message was publicly announced by Abbott through his official X (formerly Twitter) account.
Bill SB 21 was passed by the Texas House of Representatives on May 21 and is currently awaiting final approval signature from Governor Abbott. If signed into law, Texas will become one of the few states in the United States to implement a digital asset storage plan as part of the state government's reserve strategy. The bill's goal is to enhance financial security and ensure asset independence in the context of a global economy with unpredictable fluctuations.
Greg Abbott is one of the politicians who has been crypto-friendly from early on. Since 2021, he has consistently shown support for legal initiatives related to cryptocurrency. Particularly in 2024, Abbott declared his intention to develop Texas into the "cryptocurrency capital" of the United States - a leading center for blockchain technology and digital asset innovation.
Not only Texas, but several other states in the US are taking similar steps after the 2024 election. Previously, on May 6, New Hampshire Governor Kelly Ayotte signed a similar bill regarding cryptocurrency reserves. Arizona has also approved new regulations related to handling unclaimed crypto assets.
