New cryptocurrency laws in Texas: A major step forward for the U.S. cryptocurrency industry
Texas protects Bitcoin reserve funds with HB 4488
On June 21, according to sources from Crypto Briefing, Texas Governor Greg Abbott approved Bill Number 4488 (HB 4488). This law aims to protect state government funds, including Bitcoin reserves created outside the state budget, from being included in general revenue. Specifically, reserve funds and other special funds will not have to be automatically dissolved by 2025 under previous regulations. This is a strategic step to strengthen the cryptocurrency industry within the legal framework of Texas, opening up significant opportunities for blockchain development and DeFi applications.
Will there be approval or not? Texas's decisive move regarding Bitcoin investment
Currently, Texas has not made a final decision on Senate Bill 21 (SB 21). This bill allows the state to invest directly in Bitcoin and other cryptocurrencies, with a minimum total value of $500 billion. Currently, only Bitcoin qualifies in terms of market standards. Abbott has until June 22 to approve or veto SB 21. Notably, since this bill was sent to him on June 1 and occurs near the end of the session, according to Texas law, he must make a decision within 20 days after the official end of the session. This could be a major turning point, paving the way for the official acceptance of cryptocurrency in one of the most powerful states in the United States.
The potential impacts of the new legal framework on the cryptocurrency community
If Texas officially legalizes investment in Bitcoin and other cryptocurrencies, the domestic and regional cryptocurrency market will undergo a significant transformation. This will not only increase the confidence of major investors but also demonstrate leadership in creating a legal environment friendly to blockchain. Distributed technology and digital assets could become part of the national financial ecosystem, fostering the development of new financial services, enhancing access to funding, and promoting innovation in the DeFi sector.
Conclusion
Texas's new policy could mark a significant milestone in the journey towards legalizing and expanding the cryptocurrency sector in the United States. Protecting Bitcoin reserve funds and the ability to invest directly in potential digital currencies will facilitate the comprehensive development of the industry. Investors and businesses in the cryptocurrency sector need to closely monitor Texas's next steps, as this decision could greatly influence future legal trends and investments.
Source: https://tintucbitcoin.com/texas-ky-hb-4488-bao-ve-quy-bitcoin/
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