Texas Proposes Second Crypto Reserve Bill, Aiming to Allocate $250 Million to Bitcoin

Texas is advancing its integration of Bitcoin into the state's financial system with a second crypto reserve bill. On March 11, 2024, House Bill 4258 was introduced, proposing an allocation of up to $250 million from the state's economic stabilization fund for Bitcoin and other digital assets. This follows Senate Bill 778, which has already secured bipartisan support. HB 4258 differs by capping state investment and allowing municipalities and counties to allocate up to $10 million to digital assets. If passed, the bill would take effect on September 1, 2025. The move aligns with a broader trend across the US, where 21 states are exploring similar frameworks. Lee Bratcher, President of the Texas Blockchain Council, emphasized Texas' strategic position for Bitcoin adoption, citing the convergence of energy, tech, and capital markets within the state.