Throughout the first two months of the year, the United States has embraced digital assets like never before. With the arrival of pro-crypto President Donald Trump, the country has sought to integrate the asset class in a myriad of ways. Those efforts continued in Texas, where they introduced a new $250 million Bitcoin reserve bill, HB 4528.
The legislation is the second crypto bill introduced by the state. Indeed, it represents an effort to make the state one of the most crypto-friendly in the entire nation. Moreover, it should thrive from increased interest, despite the ongoing market downturn that has taken place in recent weeks.
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Texas Introduces 2nd Crypto Reserve Bill In Major Step Forward
In late January, Texas Lieutenant Governor Dan Patrick introduced plans for a Bitcoin reserve in the state. Indeed, it took a notable step forward, with the state senate passing bill SB21 in a key move for the legislation. Now, the southern state is doubling down on its cryptocurrency embrace.
Specifically, Texas has introduced a new bill to allow the state to buy $250 million worth of Bitcoin and other cryptocurrencies. Accordign to a document released Tuesday, the proposed HB 4258 looks to allocate the capital from its economic stabilization fund. Moreover, it would go toward BTC and other rcryptocurrencies.
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This is the second attempt at such a digital asset reserve, with its SB 778 receiving bipartisan support. However, that legislation sought to integrate the asset class into the financial infrastructure of the state. Specifically, it sought to allow tax payments and donations to take place in crypto.
Dan Patrick recently noted that action is in response to the Trump administration. He noted the president’s interest in making the “United States the cryptocurrency capital of the world.” Moreover, he noted that the administration “has paved the way for rapid American innovation, and Texas is leading the way.”