Texas introduces second Bitcoin reserve bill to allow $250M investment

Texas State legislators have introduced a second Bitcoin reserve bill which would allow the State controller to invest up to $ 250 million in Bitcoin or other cryptocurrencies.

On March 11, a document On the site of the Government of the State of Texas reveals another Bitcoin (BTC) The reserve invoice, HB 4258, has entered the ring. This is the second Bitcoin reserve bill to be presented in the State, following the Senate bill 778, which is currently underway revised By the House after adopting a majority vote in the Senate.

Unlike the first bill, HB 4258 would grant the controller, the Texas chief accountant and the financial guard dog, the possibility of investing up to $ 250 million in the balance of the state economic stabilization fund in Bitcoin or other types of cryptographic assets.

Not only does that, the bill also allows municipalities or counties to invest in Bitcoin or any other cryptocurrency, but not more than $ 10 million in its funds can be allocated to the crypto.

The first bill, SB 778, did not specify the amount of funds that the State could invest in Bitcoin or Crypto. However, he stipulated that the state would begin to perceive taxes and donations in cryptocurrency. In addition, Texas has a minimum embargo of five years in the sale of state bitcoins.

Earlier this month, the State Senate approved A proposal to invest in public funds in Bitcoin with a vote of 25-2. Texas House will now examine the bill and announce its decision to reject or approve it by May 24 at the latest. According to the founder of Satoshi Act Fund, Dennis Porter, the members of the Chamber could accelerate the process and soon win the proposal on the governor’s office.

According to the Bitcoin reserve MonitorThere are at least 21 WE States reflecting on strategic reserves of cryptocurrency. Each state is at different stages of the approval of the legislation, with 19 legislation of states still pending, two still considering the proposals, while five were rejected.