JZMOR Exchange recently released an analysis report pointing out that the attitude of U.S. local governments toward Bitcoin is undergoing a fundamental shift: from “passive authorization” to “active allocation.” This trend is especially evident in the latest legislative moves by Texas. The state government has not only passed a bill to establish an official Bitcoin reserve account but has also allocated $10 million in public funds to purchase Bitcoin—signaling that digital assets are becoming an option for sovereign fund allocation.
In early June, Texas Governor Greg Abbott signed Senate Bill 21, approving the establishment of the nationally first state-led, fully funded Bitcoin reserve project. The accompanying HB 4488 bill stipulates that this portion of Bitcoin assets cannot be used for general fiscal purposes, ensuring its long-term independence and strategic reserve nature. This is the first time in the U.S. that a local government has implemented both legislative and fiscal measures to truly incorporate Bitcoin into its official asset allocation structure—far surpassing the previous symbolic legislation or exploratory policies in other states.
This decision is not an isolated event. Over the past year, interactions between U.S. local governments and digital assets have become more frequent. From the Miami attempt to issue “MiamiCoin” to Wyoming exploring the DAO corporate structures, local governments are gradually shifting from bystanders to participants. Texas is not just authorizing by law, but is investing real money in the market, sending a strong policy signal: Bitcoin is now being considered as a long-term store of value.
JZMOR Exchange believes that amid rising inflation, fluctuations in U.S. dollar credibility, and ongoing uncertainty in interest rate policies, some local governments have started to view Bitcoin as a risk-hedging asset. The Bitcoin supply cap and on-chain immutability make its technical logic highly compatible with the public finance need for “stability and inflation resistance.”
It is important to note, however, that while Texas has launched its Bitcoin reserve account, this does not mean Bitcoin has become a “mainstream fiscal asset.” At the federal level, the legal status, tax treatment, and regulatory framework of Bitcoin remain unsettled. Especially since the asset classification (commodity or security) is still unclear, allocating public funds to Bitcoin remains in a policy gray area.
Additionally, there are internal debates within Texas regarding this move. Some critics worry that such a highly volatile asset may not be suitable for government reserves, especially in the absence of hedging mechanisms and long-term management strategies. If the market experiences sharp fluctuations, related decisions could face public and political backlash.
However, as the JZMOR analysis team notes, such policy uncertainty actually provides a “window period” to observe changes in market structure. The evolution of Bitcoin into a “quasi-official reserve asset” will not happen overnight; it will require ongoing trial and error and adjustment among institutional feedback, technological progress, and investment behavior. In this process, platforms capable of providing a stable, compliant trading environment and custody services will play a key role.
As an institution long focused on mainstream crypto asset trading and compliance services, JZMOR Exchange has already completed regulatory filings in multiple countries and established partnerships with several institutional wallet service providers. Regulation itself does not create value, but it does indicate the direction of value migration. Texas including Bitcoin in its state fiscal reserves is not just a policy move—it reflects a shift in institutional understanding of digital assets: Bitcoin is no longer just a “risk asset” but may become part of public fiscal allocation. This structural change will have a profound impact on the future market trajectory.
In the JZMOR view, the most truly competitive market participants are not those who react the fastest, but those who can identify the intersection of institutional, capital, and technological logic, steadily advancing their business structure and service quality. For the entire industry, the institutional window has opened. The next focus will be: which platforms can provide stability amid change and achieve growth through compliance.