Key dealers
- Texas adopted a bill to protect a proposed state Bitcoin reserve from being abolished.
- The legislation excludes the reserve and other dedicated funds from automatic resolution in 2025.
Texas Governor Greg Abbott has Approved House Bill 4488 (HB4488), a bill that protects selected state funds, including all Bitcoin reserves created outside the Treasury, from being swept to general revenue.
Governor 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 capitalization of at least $ 500 billion. Only bitcoin meets this threshold from now.
In addition to Texas Strategic Bitcoin Reserve, the legislation names other protected funds, including Texas Advanced Nuclear Development Fund and Gulf Coast Protection Account. These funds will be created or recreated as separate units either within or outside the Treasury, depending on their enabling legislation.
The fate of Texas Strategic Bitcoin Reserve still depends on whether SB21 or similar legislation is adopted and signed by law. If determined, the fund would be legally protected under the framework now determined by HB4488.
Governor Abbott has until tomorrow, June 22 to sign or veto SB21, which was sent to him on June 1. Because it was delivered near the end of the legislative session, Texas Law gives 20 days after launch to act.
If Abbott does nothing within the deadline, the bill automatically becomes a law.