On June 21, 2025, local time,TexasGreg Abbott, the governor ofTexas, worked overtime on the weekend and signed SB21, the Texas Strategic Bitcoin Reserve Act, into law.

Texas is actually the third state in the United States to pass Bitcoin reserves, the first being New Hampshire.
May 6, 2025,But the bill will take effect 60 days after the governor signs it (i.e. July 5, 2025), so New Hampshirehas not started buying Bitcoin yet.
The second state to pass the bill was Arizona, which was originally the fastest in progress. Their SB1025 bill allows the state treasurer and state retirement system to invest up to 10% of public funds (about $3.1 billion) in Bitcoin.
However, after the bill was passed by both the Senate and the House, it was vetoed by Governor Hobbs on May 3rd on the grounds that "Arizona retirement systems should not invest in untested virtual currencies."

Fortunately, Arizona legislators are quite powerful and have proposed multiple Bitcoin reserve bills.
Another source of funding for the HB2749 bill is criminally confiscated digital assets, profits from unclaimed property, staking rewards, airdrops, and other passive income.
This scheme of hoarding coins without spending money was finally passed by the governor on May 7, exactly one day later than New Hampshire.
Another Arizona bill, SB1373, is waiting for the governor's signature. This bill allows the state treasurer to invest up to 10% of the Budget Stabilization Fund in Bitcoin, which is also waiting for the governor's signature.

The Texas SB21 bill that was just passed also requires the state government to spend money to buy Bitcoin, authorizing the state auditor to invest in Bitcoin and other cryptocurrencies with a market value of more than $500 billion, with funding sources including legislative appropriations, designated income and existing crypto assets.
Texas' legislative process is very efficient. The bill was passed on May 30 and was sent to the governor's desk on June 1.
According to Texas law, if the governor does not veto it before June 22, the bill will automatically take effect.
No wonder Texas Governor Greg Abbott had to work overtime on weekends to sign the bill. If he did not sign the bill and let it take effect automatically, wouldn't it offend the big miners in Texas?
The Texas bill does not clearly stipulate how much money should be invested in buying Bitcoin. Texas has a developed economy and has a high potential for buying in the future, but in the short term it may be limited to pilot investments.
According to Texas legislative practice, if a bill does not receive more than two-thirds support (SB 21 did not reach this threshold), it will take effect 90 days after signing by default.
That is, Texas will not start buying Bitcoin until September 19, 2025 at the earliest.
Currently, the reserve bills of various states are not limited to Bitcoin in terms of regulations, and most of them set a threshold of $500 billion in market value.
Other altcoins should also give some strength. After the market value reaches the sky, the government can take over~
