Texas lawmakers have introduced a second Bitcoin Reserve bill that will allow state directors to invest up to $250 million in Bitcoin or other cryptocurrencies.
On March 11, documents on the Texas government website revealed that another Bitcoin (BTC) reserve bill, HB 4258, had entered the ring. This is the second Bitcoin reservations bill to be introduced in the state following Senate Bill 778, and is now being reviewed by the House of Representatives after passing a majority vote in the Senate.
Unlike the first legislation, HB 4258 grants Texas Chief Accountant and Financial Watchdog Secretary of the State of its ability to invest up to $250 million in the balance of the state's economic stabilization fund in Bitcoin or other types of crypto assets.
Not only that, but the bill also allows municipalities and counties to invest in Bitcoin and other cryptocurrencies, but could potentially allocate funds under $10 million to cryptocurrencies.
The first bill, SB 778, did not specify how much money the state can invest in Bitcoin or crypto. However, it provided that the state would begin collecting taxes and donations in cryptocurrency. Additionally, Texas has a minimum five-year embargo on the sale of state Bitcoin.
Earlier this month, the state Senate approved a proposal to invest public funds in Bitcoin with a 25-2 vote. Texas House will review the bill and announce its decision to reject or approve it by the latest May 24th. According to Dennis Porter, founder of the Satoshi Act Fund, the House of Representatives may prompt the process and land proposals on the governor's desk soon.
According to the Bitcoin Reserve Monitor, there are at least 21 US states pondering the strategic reserves of cryptocurrency. Each state is in a different stage of approval of the law, with 19 state laws still pending, two still considering proposals, while five have been rejected.
