Texas Governor Greg Abbott has signed a bill that protects funds related to bitcoin investments from being redirected into the general revenue.
Signed Bill HB 4488
Bill HB 4488 ensures the protection of funds such as the Texas Strategic Bitcoin Reserve, the Texas Advanced Nuclear Development Fund, and the Gulf Coast Protection Account. This means that these funds will remain distinct entities within or outside the state treasury as defined by their enabling laws.
Awaiting Approval of Bill SB21
The establishment of the Texas Bitcoin Reserve hinges on the signing of Bill SB21 or a comparable bill. If passed, the fund would fall under the legal protections outlined in HB4488. SB21 was submitted to the governor on June 1, giving him until June 22 to sign or veto it.
Comparison with Other States
New Hampshire and Arizona have also become the first states to approve state-level Bitcoin reserves. Other states have introduced similar bills but have faced challenges due to concerns about Bitcoin's volatility and long-term viability as a reserve asset. Arizona recently passed Bill HB 2324, which could expand the state's crypto infrastructure.
Legislative initiatives aimed at creating Bitcoin reserves reflect a growing interest in cryptocurrencies at the state level, although they face specific challenges and caution from lawmakers.
