A Texas House Committee advanced a Republican-backed bill to create a Bitcoin reserve, moving it to a full floor vote. On May 7, the Texas House Committee on Delivery of Government Efficiency passed Senate Bill 21 without amendments by a 9-4 vote along party lines. This follows its passage in the Texas Senate on March 6, where it secured a 25-5 vote. The bill aims to establish the 'Texas Strategic Bitcoin Reserve,' overseen by the state’s comptroller, Glenn Hegar, allowing the investment of digital assets with a market cap of at least $500 billion, which currently applies only to Bitcoin. Julian Fahrer, the founder of Bitcoin Laws, mentioned that the bill's fate should be decided before the Texas legislature adjourns on June 2. Should it pass the full floor vote, it will go to Governor Greg Abbott, who has previously expressed intent to position Texas as the 'crypto capital' of the U.S. Meanwhile, Arizona's Governor signed a law permitting the state to keep unclaimed cryptocurrency, marking a notable regulatory development in the region.

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