Summary
- Crypto Briefing reported that the state of Texas has passed a bill (HB4488) protecting the Bitcoin reserve.
- The bill prohibits major funds, including the Bitcoin reserve, from being converted into the general fund and stipulates the establishment of separate legal entities.
- Additionally, Texas's virtual asset investment bill (SB21) is awaiting the governor’s signature, raising expectations for the establishment and protection of the Bitcoin strategic reserve.
The state of Texas has passed a bill that protects Bitcoin (BTC) reserves.
According to Crypto Briefing on the 21st (local time), Greg Abbott, Governor of Texas, passed the protection bill (HB4488), which prevents certain state government funds—including Bitcoin reserves—from being converted into the general fund.
This bill specified that not only Bitcoin reserves but also the Texas Advanced Nuclear Development Fund and the Gulf Coast Protection Fund are subject to protection. These funds will be established as separate legal entities.
Meanwhile, another bill in Texas (SB21), which would allow the state to invest in Bitcoin and virtual assets (cryptocurrencies) with a market capitalization of over $5 billion, is awaiting the governor’s signature. Whether the Texas Bitcoin Strategic Reserve is established depends on the passage of this bill, and if enacted, it would be protected under HB4488.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
