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A House measure filed by a Texas Democrat projected the state’s comptroller wouldn’t beryllium capable to put much than $250 cardinal successful crypto.
A subordinate of the Texas legislature has projected a measure that could bounds the magnitude section and authorities authorities put successful cryptocurrency arsenic a reserve asset.
In a measure filed connected March 10, Texas Representative Ron Reynolds proposed the state’s comptroller not beryllium allowed to put much than $250 cardinal of its Economic Stabilization Fund — different known arsenic a “rainy day” money — successful Bitcoin (BTC) oregon different cryptocurrencies. The authorities besides suggested that Texas municipalities oregon counties could not put much than $10 cardinal successful crypto.
HB 4258, filed by Texas Representative Ron Reynolds. Source: Texas legislature
The projected measure followed the Texas Senate passing authorities connected March 6 to found a strategical Bitcoin reserve successful the state. The SB 21 measure seemingly could let the Texas comptroller to person nary bounds connected purchasing BTC for a reserve, based connected the astir caller draft.
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The program for a strategical Bitcoin reserve successful Texas was 1 of galore abstracted bills proposed successful US authorities governments pursuing the inauguration of President Donald Trump and Republican lawmakers winning power of the US House of Representatives and Senate. Texas Lieutenant Governor Dan Patrick said successful January that the state’s legislative priorities for 2025 would see a connection to found a Texas Bitcoin Reserve.
Is determination a partisan disagreement connected authorities and national crypto plans?
It’s unclear if Rep. Reynolds, a Democrat, intended to enactment the BTC reserve measure introduced by State Senator Charles Schwertner, a Republican, oregon suggest restrictions successful the lawsuit the authorities becomes law. If passed and signed by Governor Greg Abbott, the measure would instrumentality effect connected Sept. 1. Cointelegraph reached retired to Rep. Reynolds’ bureau for remark but did not person a effect astatine the clip of publication.
Though Trump signed an enforcement order connected March 7 to make a national “Strategic Bitcoin Reserve” and “Digital Asset Stockpile,” galore ineligible experts person questioned the US president’s authorization to enact circumstantial policies done EOs. Wyoming Senator Cynthia Lummis reintroduced authorities connected March 11 to codify the projected BTC reserve into instrumentality successful the Senate.
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