A member of the Legislature of Texas has suggested a bill that may limit the value of local and state of authorities to invest in cryptocurrency as a reserve of possession.
In a bill filed on March 10, Texas representative Ron Reynolds suggested State Comptroller is not allowed to invest more than $ 250 million of economic stabilization – otherwise known as a “rainy day” fund – in Bitcoin (Btc) or other cryptocurrencies. The law also suggested that Texas municipalities or counties could not invest more than $ 10 million in crypto.
HB 4258, filed by Texas representative Ron Reynolds. Source: Legislature of Texas
The proposed bill complied with the Texas Senate Passing law on March 6 To establish a strategic bitcoin reserve in the state. The SB 21 bill seems to allow Texas Comptroller to have no BTC purchase limit for a reserve, based on the latest draft.
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The plan for a strategic bitcoin reserve in Texas is one of many separate bills suggested to US state governments Following the inauguration of President Donald Trump and Republican lawmakers who won control of the US House of Representative and Senate. Texas Lieutenant Governor Dan Patrick said in January That state legislative priorities for 2025 will include a proposal to establish a Texas Bitcoin reserve.
Is there a partisan dividing state and federal crypto plans?
It is unclear if Rep. Reynolds, a Democrat, is intended to support the BTC reserve bill introduced by Senator Charles Schwertner, a Republican, or suggest restrictions in the event of law. If passed and signed by Governor Greg Abbott, the bill will be effective on September 1. Cointelegraph reached the office of Rep. Reynolds for comment but did not receive a response at the time of publication.
Even Trump Signed an Executive Order On March 7 to create a federal “strategic bitcoin reserve” and “digital stockpile assets,” many legal experts have asked the authority of the US president to make specific policies by the EO. Wyoming Senator Cynthia Lummis recorded again The law on March 11 to regulate the proposed BTC Reserve in the Senate law.
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