Key Takeaways
- Texas enacted HB4488 to protect a potential state Bitcoin reserve from dissolution.
- Senate Bill 21, if signed or left unvetoed by June 22, would authorize Bitcoin investments.
- The bill also safeguards other strategic state funds outside the treasury.
Texas Governor Greg Abbott has signed House Bill 4488 (HB4488), enacting protections for several state funds, including a proposed Texas Strategic Bitcoin Reserve, should it be established in the future.
The bill ensures that any such reserve created outside the state treasury cannot be swept into general revenue or automatically abolished alongside other dedicated funds in 2025.
Legislative details and next steps
The fate of the Texas Strategic Bitcoin Reserve now hinges on Senate Bill 21 (SB21).
This bill, if signed, would authorize Texas to invest in Bitcoin and other digital assets with a market capitalization above $500 billion—a threshold currently met only by Bitcoin.
Governor Abbott has until June 22 to sign or veto SB21, after which the bill will become law automatically if no action is taken.
Besides the Bitcoin reserve, HB4488 names other protected funds such as the Texas Advanced Nuclear Development Fund and the Gulf Coast Protection Account. Each fund will be created or re-created as a separate entity, depending on the requirements of their enabling legislation.
Governor Abbott’s deadline to act on SB21 follows its delivery on June 1, marking the close of Texas’ legislative session and the beginning of a 20-day window for executive action.
