Texas State Lawmakers Introduce Second Bitcoin Reserve Bill
Texas state lawmakers have introduced a second Bitcoin reserve bill that would allow 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 reveals another Bitcoin (BTC) reserve bill, HB 4258, has entered the ring. This is the second Bitcoin reserve bill to be introduced in the state, following Senate Bill 778, which is currently being reviewed by the House after passing a majority vote in the Senate.
Unlike the first bill, HB 4258 would grant the Comptroller, Texas’ chief accountant and financial watchdog, the ability to invest up to $250 million of the state’s economic stabilization fund balance in Bitcoin or other kinds of crypto assets.
Not only that, the bill also allows municipalities or counties to invest in Bitcoin or any other cryptocurrency, but not more than $10 million of its funds may be allocated to crypto.
Key Points:
- The bill HB 4258 allows the Comptroller to invest up to $250 million in Bitcoin or other cryptocurrencies.
- Municipalities or counties can also invest in Bitcoin, with a limit of $10 million of its funds allocated to crypto.
- Texas has a minimum five-year embargo on selling state Bitcoins.
- 21 U.S. states are considering cryptocurrency strategic reserves.
The first bill, SB 778, did not specify the amount of funds that the state could invest in Bitcoin or crypto. Although, it did stipulate that the state would start collecting taxes and donations in cryptocurrency. Furthermore, Texas has a minimum five-year embargo on selling state Bitcoins.
Earlier this month, the state Senate approved a proposal to invest public funds in Bitcoin with a 25-2 vote. Texas House will now review the bill and announce their decision to reject or approve it by May 24 at the latest. According to Satoshi Act Fund founder Dennis Porter, House members might expedite the process and land the proposal on the governor’s desk soon.
According to the Bitcoin Reserve Monitor, there are at least 21 U.S. states that are mulling over cryptocurrency strategic reserves. Each state is at different stages of legislation approval, with 19 state legislations still pending, two still considering proposals, while five have been rejected.