Texas Introduces Second Bitcoin Reserve Bill

Texas state lawmakers have introduced a second Bitcoin reserve bill enabling the state Comptroller to invest up to $250 million in Bitcoin or other cryptocurrencies.

On March 11, a document on the Texas state government site revealed another Bitcoin (BTC) reserve bill, HB 4258, has been introduced. This bill follows Senate Bill 778, which is currently under review after passing a majority vote in the Senate.

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

Additionally, the bill permits municipalities or counties to invest in cryptocurrencies, with a limit of $10 million allocated to such investments.

The first bill, SB 778, did not specify a particular amount for investment in Bitcoin or crypto, but required the state to start collecting taxes and donations in cryptocurrency. It also established a minimum five-year embargo on selling state Bitcoin.

Earlier this month, the state Senate approved a proposal to invest public funds in Bitcoin by a vote of 25-2. The Texas House will review the bill and announce its decision to approve or reject it by May 24. According to Dennis Porter, founder of the Satoshi Act Fund, House members might expedite the process to get the proposal to the governor soon.

As per the Bitcoin Reserve Monitor, at least 21 U.S. states are considering cryptocurrency strategic reserves, with 19 still pending, two evaluating proposals, and five rejected.