A Texas lawmaker has introduced a bill to restrict local and state investments in cryptocurrency, particularly Bitcoin (BTC). Representative Ron Reynolds filed a bill on March 10, proposing a $250 million limit on the state’s Economic Stabilization Fund, commonly known as the “rainy day” fund, for crypto investments. The legislation also suggests a $10 million cap for Texas municipalities or counties. This move comes after the Texas Senate passed a bill on March 6 to establish a strategic Bitcoin reserve in the state, potentially allowing unlimited BTC purchases for the reserve. The proposal for a Bitcoin reserve in Texas is part of a trend in US state governments following the new administration and Republican control of Congress. Texas Lieutenant Governor Dan Patrick announced plans for a Texas Bitcoin Reserve earlier this year. It remains unclear if there is a partisan divide in supporting these crypto initiatives, with Rep. Reynolds being a Democrat and the original Bitcoin reserve bill introduced by a Republican senator. While President Trump signed an executive order for a federal “Strategic Bitcoin Reserve,” legal experts question his authority to enact such policies. Wyoming Senator Cynthia Lummis is working to codify the BTC reserve into law in the Senate. If Rep. Reynolds’ bill is signed by Governor Greg Abbott, it would take effect on September 1. For more updates on cryptocurrency and government policies, stay tuned.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Texas lawmaker has introduced a bill to restrict local and state investments in cryptocurrency, particularly Bitcoin (BTC). Representative Ron Reynolds filed a bill on March 10, proposing a $250 million limit on the state’s Economic Stabilization Fund, commonly known as the “rainy day” fund, for crypto investments. The legislation also suggests a $10 million […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/63443"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=63443"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/63443\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=63443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=63443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=63443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}