Texas Surges in U.S. States' Race to Put Public Funds Into Crypto

Several U.S. states are edging closer to investing public funds in cryptocurrencies following President Donald Trump's announcement of similar plans at the federal level. Texas has emerged as a leading contender in this effort.

Recently, the Texas state senate approved the SB 21 bill, allowing the state to allocate some public funds into digital assets, specifically bitcoin (BTC). Senator Charles Schwertner praised bitcoin, stating that it has proven its resilience through various market cycles and can serve as a valuable reserve asset during times of economic challenges like national deficits, inflation, and uncertainty.

New Hampshire also took a step forward by passing House Bill 302 through a state house committee, permitting the investment of up to 5% of public funds in bitcoin and other precious metals. While progress is being made, final approvals are still pending in some states.

Utah has been at the forefront of similar initiatives and is just one senate approval away from passing a bill that would allow investing up to 5% of certain public accounts in digital assets like bitcoin. Time is running out as the legislative session ends soon, potentially delaying the decision until next year.

In the event that Utah's senate acts promptly, the bill would then be subject to approval by Governor Spencer Cox, who has shown support for blockchain policies. Otherwise, states like Arizona and Texas could move ahead with similar proposals.

President Trump's recent discussions about establishing a U.S. strategic crypto reserve have also influenced these state-level developments. His proposal includes holding cryptocurrencies like XRP, Solana (SOL), Cardano (ADA), Bitcoin, and Ethereum (ETH) in the reserve. However, details about the implementation and sourcing of these tokens remain unclear.

While some industry experts have criticized the inclusion of cryptocurrencies other than bitcoin in the reserve, citing bitcoin's similarity to traditional assets like gold, President Trump has not provided a comprehensive outline of the strategy.

For more information, you can read about how Utah is just one vote away from making a significant decision on crypto investments. ```