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The Texas governor signs a bill to protect the state's Bitcoin reserve fund as a permanent fund if established.
Texas Governor Greg Abbott has signed Bill HB4488, protecting state funds, including the Bitcoin reserve fund created outside the treasury, from being transferred into the general budget. The bill also protects other funds such as the Advanced Nuclear Energy Fund and the Gulf Coast Protection Account.
Meanwhile, Bill SB21 — allowing Texas to invest in Bitcoin and cryptocurrencies with a market capitalization of 500 billion USD or more (currently only Bitcoin qualifies) — is still awaiting a decision. If approved, the Texas Strategic Bitcoin Reserve Fund will be established and receive legal protection under HB4488.
Governor Abbott has until June 22 to sign or veto SB21. If no action is taken before the deadline, the bill will automatically become law according to Texas state regulations.