On June 21, Texas Governor Greg Abbott passed House Bill 4488 (HB 4488), which aims to protect certain state government funds, including any Bitcoin reserves created outside the state treasury, from being included in general revenue. The bill exempts the reserve fund and other special funds from the obligation to automatically dissolve in 2025. Texas Governor Greg Abbott has not yet made a decision on Senate Bill 21 (SB21). This bill would authorize Texas to invest in Bitcoin and other encryption assets with a market capitalization of at least $500 billion. Currently, only Bitcoin meets this threshold.
According to reports, Greg Abbott must sign or veto SB21 before June 22, which was submitted to him on June 1. Since the bill was submitted just before the end of the legislative session, Texas law requires him to take action within 20 days after the recess.
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Texas passes a bill to protect Bitcoin reserves, the governor will decide on a $500 billion investment threshold.
On June 21, Texas Governor Greg Abbott passed House Bill 4488 (HB 4488), which aims to protect certain state government funds, including any Bitcoin reserves created outside the state treasury, from being included in general revenue. The bill exempts the reserve fund and other special funds from the obligation to automatically dissolve in 2025. Texas Governor Greg Abbott has not yet made a decision on Senate Bill 21 (SB21). This bill would authorize Texas to invest in Bitcoin and other encryption assets with a market capitalization of at least $500 billion. Currently, only Bitcoin meets this threshold.
According to reports, Greg Abbott must sign or veto SB21 before June 22, which was submitted to him on June 1. Since the bill was submitted just before the end of the legislative session, Texas law requires him to take action within 20 days after the recess.