Texas provides a Bitcoin Third Budget Bill, expanding encryption investment for government governments and local governments
The Bitcoin Third Bitch Law has been presented in Texas, giving the financial observer direct power of the state to invest in encrypted currencies and allow local governments to carry Bitcoin.
It was presented by the representative of Texas Ron Reynolds on March 11, Home Law Bill 4258 It expands in the previous proposals by setting clear investment limits.
What is HB 4258?
The draft law suggests that the Texas Observer, the chief accountant in Texas, is financially authorized, to invest up to $ 250 million from the state’s economic stability fund to “Bitcoin or other encrypted currencies”.
It also extends to municipalities and provinces, although they will only be allowed to keep up to $ 10 million in encryption.
If approved, the law will be valid on September 1, 2025.
Other bitcoin bills are under consideration
Texas lawmakers are currently reviewing two other projects related to bitcoin: Senate Bill 778 (SB 778), presented by Senator Charles Schrogener on January 14, 2025, and the Senate Law 21 (SB 21), presented by Chounerner on February 12.
Unlike HB 4258, SB 21, which was approved by the Senate in Texas on March 6, is now being reviewed by the State Council, originally as a bitcoin bill.
However, legislators later reviewed the language to include other digital assets and expanded its scope.
It hopes to create the Bitcoin Strategic Reserve in Texas, a fund separate from the Ministry of Governmental Treasury, which will be managed by the financial observer.
The reserve will be used to acquire, retain and manage Bitcoin, with provisions that also allow the state to accept special donations in BTC.
One of the main requirements in SB 21 states that any digital assets retained must have a market value of no less than $ 500 billion over the past 12 months, which effectively limits investments in Bitcoin.
It also provides the discretionary power of the financial observer for investment, sale or management of Bitcoin’s bitch in the state, after the “wise investor” standard used in traditional financing.
Meanwhile, SB 778 takes different approaches by focusing on a long -term Bitcoin nursery instead of active management.
Under SB 778, Texas will get Bitcoin and its preparation as a strategic origin, with a minimum for five years to sell any of its holdings.
The draft law also allows the state to accept bitcoin donations.
Texas is currently one of the retirees, along with Arizona, in the race to become the first state to create the Bitcoin Reserve, after Utah State’s decision to drop the Bitcoin reserve condition from its relevant bill.
As I mentioned earlier by Invezz, the Texas State is expected to work on SB 21 by May 24.
However, the founder of the Satoshi Dennis Porter Fund, citing a source familiar with this matter, suggested that legislators may expedite this process, and may bring the draft law to the ruler’s office sooner than expected.
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