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U.S. states may successfully front-run federal authorities on Bitcoin reserve policy as Texas lawmakers advanced a bill through the Senate.
Texas policymakers in the state Senate approved a proposal to invest public funds in Bitcoin (BTC) with a 25-2 vote on Thursday, March 6, amid a U.S. crypto policy race.
The bill has now moved to the House, which must act on the proposal by May 24. Dennis Porter, founder of the Satoshi Act Fund, said House members may expedite the process and land the proposal on the governor’s desk soon.
More than two dozen states are discussing bills to allocate taxpayer money toward buying BTC in a nationwide adoption wave propelled by crypto lobbying efforts and Donald Trump’s return as president. Texas, the second-largest U.S. economy with a $2.6 trillion GDP, and Utah are seen as the top contenders likely to pass a Bitcoin investment bill into law, according to Porter.
Additionally, the news from Texas came ahead of the White House Crypto Summit on Friday, March 7, where attendees are expected to include some of the industry’s biggest names and tycoons. Speculation is mounting that President Donald Trump will unveil a national Bitcoin strategy at the event.
Earlier, White House AI and Crypto Czar David Sacks decried the government’s past Bitcoin management. The U.S. sold 195,000 BTC for $336 million in 12 years, missing out on $17 billion in profit if it had held instead.
Sacks has said President Trump instructed the White House crypto working group to determine a national BTC reserve strategy. Howard Lutnick, commerce secretary and former Cantor Fitzgerald CEO, also emphasized Trump’s interest in a Bitcoin reserve.
Questions were raised after Trump said a U.S. crypto reserve would include altcoins like (XRP), Solana (SOL) and Cardano (ADA). Lutnick expects BTC will take center stage, while altcoins are “treated differently” but positively.
