Bitcoin in the statehouses: mining law, energy policy, tax treatment, and state investment and reserve legislation.
Bitcoin in the statehouses: mining law, energy policy, tax treatment, and state investment and reserve legislation.
Establishes the Texas Strategic Bitcoin Reserve, administered by the Comptroller, to invest in cryptocurrency meeting the act's criteria — a $500 billion market-cap threshold that in practice means Bitcoin.
Why it matters: The largest state to put a bitcoin reserve into law — and the template other statehouses are now copying.
Authorizes the State Treasurer to invest up to 5% of public funds in precious metals and digital assets with a market capitalization over $500 billion — in practice, only Bitcoin qualifies. Signed by Gov. Kelly Ayotte; effective July 5, 2025.
Why it matters: The first state in the nation to enact a law of this kind — the proof of concept for the state reserve movement.
Updates Arizona unclaimed-property law: abandoned digital assets are delivered to the state in native form rather than liquidated, and their staking rewards and airdrops go into a new Bitcoin and Digital Assets Reserve Fund. It creates no purchase program and uses no taxpayer funds.
Why it matters: A third, quieter model for a state bitcoin reserve — built from abandoned property instead of appropriations.
Source: Office of the Arizona Governor — May 7, 2025 legislative action update
Would have allowed the State Treasurer and state retirement systems to invest up to 10% of available monies in virtual currency. Vetoed by Gov. Katie Hobbs on May 2, 2025.
Why it matters: The veto that split Arizona's 2025 session: the purchase model stopped here, while HB 2749's no-purchase model became law days later.
Would have established a Digital Assets Strategic Reserve Fund for the State Treasurer to hold and manage digital assets obtained through seizures or appropriations, with no public-funds purchase authority. Vetoed by Gov. Katie Hobbs on May 12, 2025.
Why it matters: Even the seizure-only model failed in Arizona in 2025 — the line the governor drew is itself the news.
Source: Office of the Arizona Governor — May 12, 2025 legislative action update
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