Texas Governor Greg Abbott Advances Bitcoin Reserve Protection with HB 4488 Amid Pending SB21 Decision

Texas Governor Greg Abbott has enacted House Bill 4488 (HB 4488), safeguarding specific state government funds, including Bitcoin reserves held externally from the state treasury, from being classified as general revenue. This legislation ensures that these reserve funds, along with other designated special funds, are exempt from the mandatory dissolution scheduled for 2025, thereby providing financial stability and clarity for state-managed crypto assets.

Meanwhile, Governor Abbott is yet to decide on Senate Bill 21 (SB21), which proposes allowing Texas to invest in Bitcoin and other cryptocurrencies with a market capitalization exceeding $500 billion. Currently, Bitcoin is the only digital asset meeting this criterion, positioning it as the primary candidate for state investment under the bill’s provisions.

Abbott faces a deadline of June 22nd to either sign or veto SB21, following its presentation on June 1st. According to Texas legislative procedures, the governor has 20 days post-session adjournment to act on the bill, underscoring the importance of timely decision-making in the state’s evolving crypto investment strategy.

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