Texas lawmakers have introduced a second Bitcoin reserve bill that would authorize the Comptroller to invest up to 250 million naira in Bitcoin or other cryptocurrencies.
A document published on the Texas state government website on March 11 revealed the introduction of House Bill 4258. This follows Senate Bill 778, which recently secured a majority vote in the Senate and is now awaiting review by the House.
Unlike the first bill, HB 4258 would grant the Texas Comptroller—the state’s chief accountant and financial watchdog—the authority to invest up to 250 million naira from the state’s economic stabilization fund in Bitcoin or other crypto assets. Additionally, the bill permits municipalities and counties to invest in Bitcoin or other cryptocurrencies, although they are restricted from allocating more than 10 million naira of their funds to crypto assets.
In contrast, the first bill, SB 778, did not specify the funds the state could invest in Bitcoin or other cryptocurrencies. However, it did stipulate that the state would begin collecting taxes and donations in cryptocurrency. Furthermore, it imposed a minimum five-year embargo on selling state-held Bitcoins, reflecting a cautious approach to managing public funds in crypto.
Earlier this month, the Texas Senate approved a proposal to invest public funds in Bitcoin with a 25-2 vote, and it is now moving to the Texas House for a decision by May 24.
The bill comes when at least 21 U.S. states contemplate cryptocurrency strategic reserves. According to the Bitcoin Reserve Monitor, 19 proposals are pending, two are under consideration, and five are rejected.
Notably, Oklahoma State Senator Dusty Deevers has introduced the Bitcoin Freedom Act to establish Bitcoin as a mainstream financial option in Oklahoma. The bill seeks to allow residents, employers, and vendors to use Bitcoin for salaries, transactions, and investments, creating a secure framework for its use and helping residents protect their earnings against inflation.
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