Key Takeaways
- Texas enacted HB4488 to guard a possible state Bitcoin reserve from dissolution.
- Senate Invoice 21, if signed or left unvetoed by June 22, would authorize Bitcoin investments.
- The invoice additionally safeguards different strategic state funds exterior the treasury.
Texas Governor Greg Abbott has signed Home Invoice 4488 (HB4488), enacting protections for a number of state funds, together with a proposed Texas Strategic Bitcoin Reserve, ought to or not it’s established sooner or later.
The invoice ensures that any such reserve created exterior the state treasury can’t be swept into common income or robotically abolished alongside different devoted funds in 2025.
Legislative particulars and subsequent steps
The destiny of the Texas Strategic Bitcoin Reserve now hinges on Senate Invoice 21 (SB21).
This invoice, if signed, would authorize Texas to put money into Bitcoin and different digital belongings with a market capitalization above $500 billion—a threshold at present met solely by Bitcoin.
Governor Abbott has till June 22 to signal or veto SB21, after which the invoice will develop into regulation robotically if no motion is taken.
In addition to the Bitcoin reserve, HB4488 names different protected funds such because the Texas Superior Nuclear Growth Fund and the Gulf Coast Safety Account. Every fund might be created or re-created as a separate entity, relying on the necessities of their enabling laws.
Governor Abbott’s deadline to behave on SB21 follows its supply on June 1, marking the shut of Texas’ legislative session and the start of a 20-day window for govt motion.