Texas Introduces Second Bitcoin Reserve Bill

On March 11, a document published on the Texas state government website revealed that the second Bitcoin reserve bill, HB 4258, has been introduced. This marks the second BTC reserve bill in the state, following Senate Bill 778. SB 778 has already passed the Senate with a majority vote and is now awaiting review by the House.

Unlike the first bill, HB 4258 would grant the Comptroller of Texas, the state’s chief accountant and financial watchdog, the authority to invest up to $250 million of the state’s economic stabilization fund in BTC or other crypto assets.

Moreover, the bill also allows municipalities or counties to invest in Bitcoin or other cryptocurrencies, with a limit of $10 million of their funds allocated to crypto. The first bill, SB 778, did not specify the amount the state could invest in Bitcoin or crypto, though it outlined plans for the state to begin collecting taxes and accepting donations in cryptocurrency. Additionally, there is a minimum five-year ban on the sale of state-held Bitcoins in Texas.

Texas Approves Bitcoin Investment for Public Funds

Earlier this month, the Texas Senate approved a proposal to allow public funds to be invested in Bitcoin with a 25-2 vote. The Texas House will now review the bill and decide whether to reject or approve it by May 24. According to Dennis Porter, founder of the Satoshi Act Fund, House members may expedite the process, bringing the proposal to the governor’s desk soon.

According to the Bitcoin Reserve Monitor, at least 21 U.S. states are considering strategic reserves for cryptocurrencies. Each state is at different stages of the legislative process, with 19 states still awaiting legislative approval, two states evaluating proposals, and five states rejecting them.

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