Texas Bitcoin Reserve Bill Headed to Senate Finance Committee for Review

Odaily Report: The Texas Strategic Bitcoin Reserve Bill has recently been read and submitted to the Senate Finance Committee for review. Senate Bill 778, introduced by Senator Charles Schwertner, proposes to establish a state-controlled Bitcoin reserve as a financial safeguard and strengthen Texas' role in digital asset innovation. According to the proposed legislation, the reserve aims to achieve two key objectives: (1) the state can own and hold Bitcoin as a financial asset; (2) individuals (including state residents) can donate Bitcoin to the state and deposit it into the reserve to promote shared ownership and community investment in the state's financial future. The bill establishes strict security and management guidelines for the Bitcoin reserve. The Texas Comptroller's Office will oversee its management to ensure secure custody and appropriate storage measures. The bill states that "the Comptroller shall safeguard all Bitcoin held in the reserve," emphasizing the state's responsibility in protecting the assets. Cold storage solutions will be implemented to prevent unauthorized access, and regular audits will be conducted to maintain transparency.