Texas Governor Approves Bill to Protect State Bitcoin Reserves

According to PANews, Texas Governor Greg Abbott has signed House Bill 4488 (HB 4488), a legislative measure designed to safeguard certain state government funds, including any Bitcoin reserves created outside the state treasury, from being classified as general revenue. This bill exempts the reserve fund and other special funds from the obligation to dissolve automatically in 2025. Governor Abbott has yet to make a decision on Senate Bill 21 (SB21), which would authorize Texas to invest in Bitcoin and other cryptocurrencies with a market value of at least $500 billion. Currently, only Bitcoin meets this threshold. Abbott must sign or veto SB21 by June 22, as the bill was presented to him on June 1. Due to its submission at the end of the legislative session, Texas law requires him to act within 20 days after the session adjourns.