Texas Governor Signs HB 4488 Bill, Protects State Bitcoin Reserve as Permanent Fund

BlockBeats News, June 21st, Texas Governor Greg Abbott passed House Bill 4488 (HB 4488), which aims to protect certain state government funds, including any Bitcoin reserves held outside the state treasury, from being counted as general revenue. The bill exempts this reserve fund and other special funds from the obligation to automatically dissolve in 2025. Texas Governor Greg Abbott has not yet made a decision on Senate Bill 21 (SB21). The bill would authorize the state of Texas to invest in Bitcoin and other crypto assets with a market value of at least $500 billion. Currently, only Bitcoin meets this threshold.

Greg Abbott must sign or veto SB21 by June 22nd, as the bill was presented to him on June 1st. Since the bill was submitted as the legislative session was coming to a close, under Texas law, he has 20 days after adjournment to take action. (Texas.gov)