Texas Governor Signs HB 4488 Bill to Protect State Bitcoin Reserves as Permanent Fund

Bitcoin

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

It is reported that Greg Abbott must sign or veto SB21 by June 22, as the bill was submitted to him on June 1. Since the bill was submitted as the legislative session was nearing its end, Texas law requires him to take action within 20 days after the adjournment.