Texas Nears Historic Bitcoin Reserve Legislation as SB 21 Advances
Texas is on the verge of making cryptocurrency history as Senate Bill 21 clears a major legislative hurdle. The proposed Bitcoin reserve legislation passed a critical House committee vote on May 8, 2025, setting the stage for a final floor decision that could establish Texas as the first U.S. state with an official Bitcoin treasury. This development marks a significant milestone in institutional cryptocurrency adoption and reflects growing political support for digital assets at the state level.
Texas Bitcoin Reserve Bill Clears Key Vote, Final Decision Nears
Texas moves closer to establishing a state-level Bitcoin reserve as Senate Bill 21 passes a critical House committee vote. The legislation, now headed for a full floor vote, could position Texas as a pioneer in institutional cryptocurrency adoption.
The bill’s advancement follows partisan lines, with Republicans driving the initiative. Governor Greg Abbott’s longstanding crypto advocacy—including early Bitcoin campaign donations—signals likely executive support. This development underscores Texas’ ambition to dominate the U.S. crypto landscape.
Originally narrowly focused on Bitcoin, the bill’s expanded scope reflects growing legislative comfort with digital assets. The proposed reserve system would mark the first state-level institutional embrace of cryptocurrency holdings.
Bitcoin Nears $100k as Short Sellers Face $224 Million Liquidation
Bitcoin surged to $99,300 in the past 24 hours, marking its closest approach to the $100,000 threshold since February. The rally triggered a cascade of liquidations, with $224 million in short positions wiped out. Over 111,000 traders were caught in the squeeze, including a single $10.59 million liquidation on Binance’s BTCUSDC pair.
Futures markets remain volatile, with open interest holding NEAR $40 billion. The scale of short liquidations—accounting for 74% of the $301 million total—reveals persistent bearish bets against Bitcoin’s upward momentum. Long liquidations totaled $84.79 million, underscoring the market’s violent two-sided action.
Arizona Becomes Second US State To Approve Bitcoin Reserve Law
Arizona Governor Katie Hobbs signed House Bill 2749 into law, authorizing the state to establish a digital assets reserve. The legislation, championed by House Commerce Committee Chairman Jeff Weninger, creates a framework for managing unclaimed cryptocurrencies after a three-year dormancy period. Custodians may stake or claim airdrops from these assets, with proceeds directed to state funds.
The move signals growing institutional acceptance of Bitcoin. "Second state in two weeks. Not a fickle decision. A law. Bitcoin is entering the mainstream," Bitwise CEO Hunter Horsley remarked. Arizona follows Texas in creating statutory recognition for cryptocurrency reserves, reflecting accelerating regulatory clarity nationwide.
Texas Advances Strategic Bitcoin Reserve Bill
Texas moves closer to establishing a state-backed Bitcoin reserve as Senate Bill 21 clears a critical House committee vote. The legislation, which initially targeted only Bitcoin, now accommodates other digital assets with a market capitalization exceeding $500 billion over the past year—a threshold currently met solely by Bitcoin.
The bill grants the state comptroller authority to manage the reserve and allocate state funds into qualifying crypto assets. Having already passed the Texas Senate in March with overwhelming support, the proposal now heads to the full House floor before potentially reaching Governor Greg Abbott’s desk.
Bitcoin Nears $100,000 Following Trump’s Trade Deal Announcement
Donald Trump’s unexpected announcement of a potential US-UK trade deal has sent shockwaves through financial markets, with Bitcoin surging toward the $100,000 threshold. The former president’s post on Truth Social on May 7 ignited a rally that underscores cryptocurrency’s growing sensitivity to geopolitical developments.
The Federal Reserve’s decision to maintain interest rates briefly tempered gains, but Bitcoin quickly rebounded to $98,000. Market participants now watch for whether this political catalyst can propel the digital asset into uncharted territory.
