A member of the legislator in Texas proposed a bill that may limit the amount of local and state investments in cryptocurrency as reserve assets.
In the account submitted on March 10, Texas representative of Ron Reynolds proposed The state controller cannot invest more than $ 250 million of his economic stabilization fund – also known as the “Day Rainy Day” fund – in Bitcoin (BTC) or other cryptocurrencies. Legislation also suggested that municipalities or poviats in Texas could not invest more than $ 10 million in Krypto.
HB 4258, submitted by the representative of Texas Ron Reynolds. Source: Legislation in Texas
The proposed law was in accordance with the adoption of the legislation of the Texas Senate on March 6 in order to establish a strategic Bitcoin reserve in the state. The SB 21 account could apparently allow Texas to control the purchase of BTC based on the latest project.
Related: Bitcoin Reserve Replash Signal Unrealistic industry expectations
The Bitcoin strategic reserve plan in Texas was one of many separate accounts proposed in US state governments after the inauguration of President Donald Trump and republican legislators winning control over the American Chamber of Representatives and Senate. Governor of Lieutenant Texas, Dan Patrick, said in January that the legislative priorities of the state for 2025. Both a proposal to establish a Bitcoin Texas reserve.
Is there a partisan division into state and federal cryptographic plans?
It is not clear if rep. Reynolds, a democrat, intended to support the BTC reserve act introduced by the senator of State Charles Schwertner, a republican, or propose restrictions when the regulations have become the law. If it is handed over and signed by Greg Abbott’s governor, the Act will enter into force on September 1. Cointelegraph contacted the Rep. Reynolds for a comment, but he did not receive an answer at the time of publication.
Although Trump signed an executive order on March 7 to create a federal “strategic Bitcoin reserve” and “digital securities”, many legal experts questioned the powers of the US president to adopt specific principles through EOS. Senator Wyoming Cynthia Lummis re -introduced Legislation on March 11 to codify the proposed BTC reserve in the Senate.
Warehouse: Elon Musk’s plan to lead the government on blockchain face uphill
