Texas Lawmakers Propose New Bitcoin Investment Bill
On March 11, Texas state lawmakers introduced a new Bitcoin reserve bill, HB 4258. This bill allows the state Comptroller to invest up to $250 million in Bitcoin or other cryptocurrencies. It’s the second such bill in Texas, following Senate Bill 778, which is now under House review after Senate approval.
HB 4258 gives the Comptroller, Texas’ financial overseer, the power to invest state funds in crypto. It also permits municipalities and counties to invest up to $10 million in Bitcoin or other cryptocurrencies. The first bill, SB 778, didn’t specify investment amounts but allowed tax and donation collection in crypto.
Both bills include a five-year hold on selling state Bitcoin. The Senate approved the first proposal with a 25-2 vote. The House will review it by May 24. Dennis Porter, founder of the satoshi Act Fund, believes the House may speed up the process.
Currently, at least 21 U.S.states are considering cryptocurrency strategic reserves. Nineteen states are still reviewing legislation, two are considering proposals, and five have rejected them.
