Source: Cointelegraph Original: "{title}"
A Texas lawmaker has proposed a bill that could limit the amount local and state authorities can invest in cryptocurrencies as reserve assets.
In a bill submitted on March 10, Texas Representative Ron Reynolds proposed that the state comptroller may not invest more than $250 million from its Economic Stabilization Fund (also known as the "Rainy Day Fund") in Bitcoin (BTC) or other cryptocurrencies. The legislation also suggests that investments in cryptocurrencies by cities or counties in Texas should not exceed $10 million.
House Bill 4258 submitted by Texas Representative Ron Reynolds. Source: Texas Legislature
Before this proposed bill, the Texas Senate passed a bill on March 6 to establish a strategic Bitcoin reserve in the state. According to the latest draft, Senate Bill 21 appears to allow the Texas comptroller to purchase Bitcoin for reserves without restrictions.
The plan to establish a strategic Bitcoin reserve in Texas is one of many independent bills proposed by state governments across the U.S. following President Trump's inauguration and the Republican takeover of the U.S. House and Senate. Texas Lieutenant Governor Dan Patrick stated in January that the state's legislative priorities for 2025 would include a proposal to establish a Texas Bitcoin reserve.
Are there partisan divides in state and federal cryptocurrency plans?
It is currently unclear whether Democratic Representative Reynolds intends to support the Bitcoin reserve bill proposed by Republican Senator Charles Schwertner or if he is proposing restrictions in the event that the bill becomes law. If the bill passes and is signed by Governor Greg Abbott, it will take effect on September 1. Cointelegraph reached out to Representative Reynolds' office for comment but had not received a response by the time of publication.
Although Trump signed an executive order on March 7 to create a federal "strategic Bitcoin reserve" and "digital asset repository," many legal experts have questioned the president's authority to set specific policies through executive orders. Wyoming Senator Cynthia Lummis reintroduced a bill on March 11 attempting to codify the proposed Bitcoin reserve plan into law in the Senate.
Related: Executives say the cryptocurrency space needs policy reform, not Bitcoin reserves.
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