THE Texas Senate recently passed Bill 21which establishes the Texas Bitcoin reserve, marking an important step towards the integration of the cryptocurrency in the financial framework of the State. The bill, written by State senator Charles Schwertnerreceived bipartite support with a 25-5 vote and is now waiting for consideration in the Texas House. If you are connected by Governor Greg AbbottTexas could become one of the first states in the United States to create a cryptocurrency reserve managed by the State, allowing the Texas controller To invest in public funds in cryptocurrencies like Bitcoin, provided they have a market capitalization of at least $ 500 billion over a period of 12 months.
Lieutenant-Governor Dan Patrickwho chairs the Senate, underlined the bill as a priority, indicating its hope of positioning Texas as the “Epicenter of the digital future of America.” This vision alignments with broader ambitions, including those expressed by President Donald Trumpwho advocated to make the world capital of cryptocurrency to the United States. The bill is considered by supporters as coverage against inflation and economic volatility, with bitcoin often compared to “Digital gold” Due to its limited diet and decentralized nature. However, criticisms have raised concerns about the volatility of cryptocurrencies, regulatory risks and the relevance of government participation in such speculative assets.
Cryptocurrencies regulations vary considerably around the world, reflecting different government approaches to manage the risks and opportunities presented by digital assets. In the context of recent developments, such as The adoption by the Senate of Texas of Bill 21 of the Senate To establish a bitcoin reserve of the State, it is clear that regulatory executives are evolving to adapt to the growing role of cryptocurrencies in financial systems. Below is an overview of the key aspects of cryptocurrency regulations, emphasizing the United States and larger global trends, while critically examining the implications of these policies.
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THE Texas Bitcoin Reserve BillIndicate a change to experimentation at the state level with the adoption of cryptocurrency. Bill 21 of the Texas Senate, adopted on March 6, 2025, allows the State controller to invest in cryptocurrencies with a market capitalization of at least $ 500 billion, positioning bitcoin as a strategic asset similar to gold. This decision, supported by personalities such as Lieutenant-Governor Dan Patrick and aligned with the vision of President Donald Trump to make the United States a cryptocurrency center, reflects a pro-scriptto position which contrasts with federal prudence. However, criticisms argue that such initiatives at the state level could expose public funds to significant risks, taking into account the volatility of Bitcoin – learned by a price drop of 20% compared to its peak in January 2025 – and the absence of a cohesive federal regulatory framework.
At the federal level, proposals such as Bitcoin Act of 2024, presented by Senator Cynthia Lummisaims to establish a Bitcoin national reserve, signaling an increasing institutional interest in treating cryptocurrencies as strategic assets. However, these proposals are faced with challenges, in particular concerns about budgetary responsibility and government intervention potential to distort free markets – a basic principle of the original ethics of cryptocurrency. THE Currency controller office (OCE) has also published advice saying that banks can engage in certain cryptocurrency activities, suggesting a progressive normalization of the crypto as part of traditional funding.
However, the repeal of Dry rules like Sab-121Who demanded that crypto be marked as a responsibility on assessments, could more relieve institutional adoption, although it raises questions about transparency and risk management. Globally, cryptocurrency regulations range from pure and simple prohibitions to proactive integration, reflecting various economic, political and cultural priorities. THE European Union adopted a global approach with the Crypto-active markets (Mica) regulations, entirely defined implemented by the end of 2024.
Mica aims to harmonize cryptographic regulations between the Member States, which gives clarity on the licenses, consumer protection and LMA requirements. Although rented for the promotion of innovation, the strict mica rules, such as capital requirements for stable issuers, excluded the main players like Tether, potentially limiting competition and promoting established financial institutions.
