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Texas lawmaker seeks to cap state’s proposed BTC purchases to $250M

March 11, 2025Updated:March 11, 2025No Comments2 Mins Read
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Texas lawmaker seeks to cap state’s proposed BTC purchases to 0M
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A member of the Texas legislature has proposed a invoice that would restrict the quantity native and state authorities put money into cryptocurrency as a reserve asset.

In a invoice filed on March 10, Texas Consultant Ron Reynolds proposed the state’s comptroller not be allowed to speculate greater than $250 million of its Financial Stabilization Fund — in any other case referred to as a “wet day” fund — in Bitcoin (BTC) or different cryptocurrencies. The laws additionally recommended that Texas municipalities or counties couldn’t make investments greater than $10 million in crypto.

Texas lawmaker seeks to cap state’s proposed BTC purchases to 0M

HB 4258, filed by Texas Consultant Ron Reynolds. Supply: Texas legislature

The proposed invoice adopted the Texas Senate passing laws on March 6 to ascertain a strategic Bitcoin reserve within the state. The SB 21 invoice seemingly may enable the Texas comptroller to don’t have any restrict on buying BTC for a reserve, based mostly on the latest draft. 

Associated: Bitcoin reserve backlash alerts unrealistic business expectations

The plan for a strategic Bitcoin reserve in Texas was considered one of many separate payments proposed in US state governments following the inauguration of President Donald Trump and Republican lawmakers profitable management of the US Home of Representatives and Senate. Texas Lieutenant Governor Dan Patrick stated in January that the state’s legislative priorities for 2025 would come with a proposal to ascertain a Texas Bitcoin Reserve.