HB 815 follows Texas' decision to establish a Strategic Bitcoin Reserve in June 2025. However, the new measure does not adopt all the investment restrictions included in that legislation.
The existing Senate Bill 21 requires cryptocurrencies purchased for the state reserve to maintain an average market capitalization of at least USD 500 billion over the preceding 24 months.
Reynolds' proposal uses the same legal definitions for Bitcoin and cryptocurrency but leaves out that market capitalization requirement. Consequently, the proposed local investment authority would not carry the state reserve's asset eligibility threshold.
The bill also contains no separate provisions covering cryptocurrency custody, independent audits or investment losses. It does not specify whether local governments should purchase digital assets directly or use investment products.
Meanwhile, the Texas Comptroller's office has pursued custody arrangements for the state reserve. In May 2026, officials announced plans to identify qualified providers capable of managing and safeguarding the state's cryptocurrency holdings.
