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- On March 6, 2025, President Trump signed Executive Order 14233, establishing the Strategic Bitcoin Reserve (SBR) and a separate U.S. Digital Asset Stockpile for non‑Bitcoin assets capitol.texas.gov+15The White House+15National Law Review+15AP News+12The White House+12Politico+12.
- The SBR is capitalized exclusively with Bitcoin forfeited through criminal or civil cases—estimated at around 200,000 BTC (worth ~$17 billion as of March 2025) Ballotpedia+8Wikipedia+8Wired+8.
- BTC placed in the Reserve is under a strict no‑sell rule. The Treasury and Commerce departments are allowed to develop budget‑neutral acquisition strategies, but cannot use taxpayer funds Ballotpedia+6The White House+6Politico+6.
- Federal agencies were directed to audit and report all holdings within 30 days of the executive order capitol.texas.gov+2Ballotpedia+2National Law Review+2.
- The order also institutes the Digital Asset Stockpile for other seized crypto (e.g. Ether, XRP, Solana), but prohibits the acquisition of new tokens beyond forfeitures Nasdaq+14The White House+14markets.businessinsider.com+14.
- David Sacks, the White House AI & Crypto Czar, called the SBR a digital “Fort Knox,” reinforcing the administration’s goal of making the U.S. the “crypto capital of the world” AP News+4markets.businessinsider.com+4Global Fintech & Digital Assets Blog+4.
- On March 7, 2025, a White House Crypto Summit convened major crypto industry leaders to signal broader government direction in support of digital assets Wikipedia+4TIME+4AP News+4.
Additional legislative efforts:
- On March 11, 2025, Senator Cynthia Lummis (R‑WY) introduced the BITCOIN Act of 2025, aiming to codify the executive order into law. The bill would authorize purchase of up to 1 million BTC over five years, held in cold storage for at least 20 years (~5% of total Bitcoin supply) Global Fintech & Digital Assets Blog+2National Law Review+2Wikipedia+2.
🏛 Texas Strategic Bitcoin Reserve (SB 21) — June 2025
- Texas Senate Bill 21, introduced by Sen. Charles Schwertner, mirrors the federal SBR and passed the full legislature in mid‑2025. It was signed into law by Governor Abbott on June 22, 2025 (effective immediately) LegiScan+3Wikipedia+3Wikipedia+3.
- The Texas Strategic Bitcoin Reserve is established as a special fund outside the state treasury, managed by the Texas Comptroller National Law Review+15LegiScan+15capitol.texas.gov+15.
- Funding sources:
- Legislative appropriations
- Dedicated revenue streams
- Voluntary gifts or airdrops
- Investment earnings Texas Policy ResearchLegiScan.
- The Comptroller may purchase, sell, stake, or hold Bitcoin or other cryptocurrencies under a prudent‑investor standard, and must manage the fund with oversight from an advisory committee of crypto experts and officials LegiScancapitol.texas.gov.
- Texas’s law came into force after Arizona and New Hampshire, making it the third U.S. state to adopt such legislation by June 2025 Wikipedia+1Wikipedia+1.
📊 Comparison Table: Federal vs. Texas
| Jurisdiction | Launch Date | Funding Source | Authorities | Governance |
|---|---|---|---|---|
| Federal (U.S.) | March 6, 2025 | ~200K BTC from forfeiture; no taxpayer funding | No sales; can acquire more via budget-neutral methods | Treasury office; agency reporting; no gift or sale |
| Texas (State) | June 22, 2025 | Legislative appropriations, revenue, gifts, staking | Can buy, stake, sell under prudent‑investor rule | Comptroller + advisory committee; public fund structure |
🧠 Key Implications & Ongoing Debates
- Strategic positioning: Designating Bitcoin as a reserve asset is an unprecedented federal step, elevating its institutional legitimacy The White House+1Wikipedia+1Ballotpedia+14Wired+14Akin – Akin, an Elite Global Law Firm+14Wikipedia+12markets.businessinsider.com+12burr.com+12capitol.texas.gov+3LegiScan+3capitol.texas.gov+3.
- Structural limitations: Federal SBR relies on already‑held BTC; any expansions must be budget-neutral and non-taxpayer-funded.
- Legacy risks: Critics warn the program lacks economic rationale and could be politically reversed without legislative backing markets.businessinsider.com+5National Law Review+5The White House+5.
- State-level flexibility: Texas’s new reserve grants broader operational authority—from acquisition to staking—while federal policy is more constrained.
- Congressional uncertainty: Without passage of the BITCOIN Act, the federal reserve remains reliant on executive order and could be overwritten later.
✅ In Summary
As of mid‑2025:
- March 6: the U.S. federal government launched its Strategic Bitcoin Reserve, using forfeited BTC and forbidding sales.
- June 22: Texas established its own state-level Bitcoin reserve under SB 21, funded via multiple channels and allowing active management.
Both initiatives reflect a broader shift in U.S. crypto policy—though the federal version is more symbolic and restricted by executive order, while Texas’s version offers greater flexibility and operational scope.
Let me know if you’d like a dive into other states (like Arizona or New Hampshire), the BITCOIN Act’s legislative progress, or expert critiques from economists.
