The Texas House of Representatives has passed the third reading of SB 21, a bill that seeks to establish a strategic Bitcoin reserve in the state. The bill passed in a 101–42 vote and will now go to Texas Governor Greg Abbott to either sign into law or veto.

SB 21, authored by state Senator Charles Schwertner, establishes a Bitcoin reserve that is managed by the state’s comptroller. The legislation allows the comptroller to invest in any cryptocurrency with a market cap above $500 billion over the previous 12-month period. Currently, the only cryptocurrency fitting the requirement is Bitcoin.

Before the vote, state Representative Giovanni Capriglione said to the chamber that the bill was a “pivotal moment in securing Texas’s leadership in the digital age with the passage of our strategic Bitcoin reserve. Now, we embrace a modern asset with traditional properties for future promise.” The bill passed in the Texas Senate in a 25–5 vote on March 6.