Texas Governor Greg Abbott has House Bill 4488 passed (HB4488), bills protecting funds in selected states, including Bitcoin Reserves created outside the state Department of Treasury, have permeated general revenue.
Gov. Abbott has not yet made a decision on Senate Bill 21 (SB21). This allows Texas to invest in Bitcoin and other crypto assets at a market capitalization of at least $500 billion. For now, only Bitcoin meets this threshold.
In addition to Texas’ strategic Bitcoin reserves, the law appoints other protected funds, including the Texas Advanced Nuclear Development Fund and the Gulf Protection Account. These funds will be created or recreated as separate entities either internally or external to the State Department of Treasury, depending on their activation law.
The fate of the Texas Strategic Bitcoin Reserve remains dependent on whether SB21 or similar proposed laws have been passed and signed into law. If established, the fund is legally protected under the framework currently set up by HB4488.
Governor Abbott will need to sign or reject SB21 until tomorrow on June 22nd.
If Abbott doesn’t do anything by the deadline, the bill will automatically become law.
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