State seeks to expand digital asset investments across municipalities.
Texas Pushes Forward with Second Bitcoin Reserve Bill
Texas has introduced HB 4258, a new bill proposing the allocation of up to $250 million from the state’s economic stabilization fund into Bitcoin and other digital assets. This follows SB 778, which secured bipartisan support in the Senate and aimed to integrate crypto into the state’s financial framework. The latest bill explicitly limits investment and extends participation to local governments, allowing municipalities and counties to invest up to $10 million in digital assets.
Texas Leads US States in Crypto Adoption
The move aligns with a growing national trend, with 21 states currently exploring similar cryptocurrency reserve frameworks. While some states are still evaluating their options, Texas has emerged as a leader in Bitcoin adoption. Lee Bratcher, President of the Texas Blockchain Council, cited the state’s unique economic strengths—Houston’s energy sector, Austin’s tech industry, and Dallas’ financial markets—as key factors making Bitcoin integration viable.
SB 778 and the Broader Push for State-Owned Bitcoin
Texas’ first Bitcoin bill, SB 778, focuses on integrating digital assets into state financial operations. It allows tax payments in Bitcoin and includes a provision preventing the sale of state-owned Bitcoin for five years. The bill has already passed the Senate and is expected to be decided in the Texas House by May 24. If approved, the new HB 4258 bill would take effect on September 1, 2025.
Government Support and Trump’s Influence on Crypto Policy
Lieutenant Governor Dan Patrick has expressed strong support for the Bitcoin reserve initiative, describing it as a strategic financial decision. He emphasized Bitcoin’s decentralized nature and fixed supply, positioning it as a valuable asset for the state’s financial stability. Patrick also credited former President Donald Trump’s pro-crypto stance as a key influence on Texas’ aggressive approach to Bitcoin adoption.
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