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

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ODAILY
06-21
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Governor Greg Abbott of Texas passed House Bill 4488 (HB 4488), which aims to protect specific state government funds, including any Bitcoin reserves created outside of state finances, from being incorporated into 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). This bill would authorize Texas to invest in Bitcoin and other crypto assets with a market value of at least $50 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 near the end of the legislative session, according to Texas law, he must take action within 20 days after adjournment. (Texas.gov)

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