TX
Texas Senate Bill SB778

Texas 2025 - 89th Regular

Texas Senate Bill SB778

Voted on by Senate
 
Out of House Committee
 
Voted on by House
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to the establishment and administration of the Texas Strategic Bitcoin Reserve; making an appropriation.

Impact

If enacted, SB778 would create a dedicated fund outside the general revenue fund where the Texas comptroller would manage all bitcoin assets. The comptroller would ensure secure management and reporting systems for the bitcoin holdings, and the fund is designed to hold these assets strictly for authorized purposes. The bill outlines procedures for the transfer, sale, or conversion of bitcoin only under specified legislative approval, ensuring state control over significant transactions. The legislation represents a significant step towards formalizing the state's position in the cryptocurrency market and offers a legislative framework for managing a highly volatile asset class.

Summary

SB778, titled the Texas Strategic Bitcoin Reserve Act, seeks to establish a state-managed fund for holding bitcoin as a financial asset. It amends Chapter 403 of the Government Code to include provisions for defining bitcoin and related terms such as 'cold storage' and 'cryptocurrency.' The bill is premised on the belief that bitcoin has strategic value that can contribute to Texas' financial resilience against economic volatility. The Texas Strategic Bitcoin Reserve is intended to enhance the state’s investment in digital assets and allows residents to donate bitcoin to the state, thereby promoting community investment in its financial future.

Contention

The notable contention surrounding SB778 lies in the implications of public funds being directed towards a cryptocurrency portfolio. Critics may argue that investing in bitcoin could expose state resources to high risks associated with market volatility, questioning if state funds should be involved in emerging and often unpredictable asset markets. Additionally, there is the factor of regulatory compliance and potential ethical concerns regarding donations and third-party contracts for managing the bitcoin without compromising the security of these assets. The establishment of an advisory committee is intended to bring oversight, but how effectively this body operates could also be a matter of public debate.

Texas Constitutional Statutes Affected

Government Code

  • Chapter 403. Comptroller Of Public Accounts
    • Section: New Section

Latest SB778 Activity

Companion Bills

No companion bills found.

Similar Bills

TX SB212

Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the Texas Workforce Commission.

TX HB1989

Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the comptroller of public accounts.

TX HB3613

Relating to a Pan American Games trust fund, an Olympic Games trust fund, a Major Events trust fund, a Motor Sports Racing trust fund, and an Events trust fund for sporting and non-sporting events, and to the abolishment of the special event trust fund.

TX SB633

Relating to certain event trust funds and the abolishment of the special event trust fund.

TX SB765

Relating to the establishment and duties of an event oversight committee for an event eligible to receive funding through a major events trust fund; limiting payments from the fund to reimbursement for attracting unique events to Texas.

HI SB2516

Relating To The Department Of Accounting And General Services.

TX SB2208

Relating to the transfer of the regulation of property tax professionals from the Texas Department of Licensing and Regulation to the comptroller of public accounts; providing civil and administrative penalties.

TX SB1800

Relating to the establishment and duties of an event oversight committee for an event eligible to receive funding through an events trust fund for certain municipalities and counties.