{"id":124861,"date":"2025-03-11T20:16:08","date_gmt":"2025-03-11T20:16:08","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124861"},"modified":"2025-03-11T20:16:08","modified_gmt":"2025-03-11T20:16:08","slug":"texas-lawmaker-seeks-to-cap-states-proposed-btc-purchases-to-250m","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124861","title":{"rendered":"Texas lawmaker seeks to cap state\u2019s proposed BTC purchases to $250M"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA member of the Texas legislature has proposed a bill that could limit the amount local and state authorities invest in cryptocurrency as a reserve asset.<br \/>\nIn a bill filed on March 10, Texas Representative Ron Reynolds proposed the state\u2019s comptroller not be allowed to invest more than $250 million of its Economic Stabilization Fund \u2014 otherwise known as a \u201crainy day\u201d fund \u2014 in Bitcoin (BTC) or other cryptocurrencies. The legislation also suggested that Texas municipalities or counties could not invest more than $10 million in crypto.<br \/>\nHB 4258, filed by Texas Representative Ron Reynolds. Source: Texas legislatureThe proposed bill followed the Texas Senate passing legislation on March 6 to establish a strategic Bitcoin reserve in the state. The SB 21 bill seemingly could allow the Texas comptroller to have no limit on purchasing BTC for a reserve, based on the most recent draft.\u00a0<br \/>\nRelated: Bitcoin reserve backlash signals unrealistic industry expectations<br \/>\nThe plan for a strategic Bitcoin reserve in Texas was one of many separate bills proposed in US state governments following the inauguration of President Donald Trump and Republican lawmakers winning control of the US House of Representatives and Senate. Texas Lieutenant Governor Dan Patrick said in January that the state\u2019s legislative priorities for 2025 would include a proposal to establish a Texas Bitcoin Reserve.<br \/>\nIs there a partisan divide on state and federal crypto plans?<br \/>\nIt\u2019s unclear if Rep. Reynolds, a Democrat, intended to support the BTC reserve bill introduced by State Senator Charles Schwertner, a Republican, or propose restrictions in the event the legislation becomes law. If passed and signed by Governor Greg Abbott, the bill would take effect on Sept. 1. Cointelegraph reached out to Rep. Reynolds\u2019 office for comment but did not receive a response at the time of publication.\u00a0<br \/>\nThough Trump signed an executive order on March 7 to create a federal \u201cStrategic Bitcoin Reserve\u201d and \u201cDigital Asset Stockpile,\u201d many legal experts have questioned the US president\u2019s authority to enact specific policies through EOs. Wyoming Senator Cynthia Lummis reintroduced legislation on March 11 to codify the proposed BTC reserve into law in the Senate.<br \/>\nMagazine: Elon Musk\u2019s plan to run government on blockchain faces uphill battle<a href=\"https:\/\/cointelegraph.com\/news\/texas-lawmaker-bitcoin-reserve-legislation?utm_source=rss_feed&amp;utm_medium=rss%3Ft%3D1741724164806&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA member of the Texas legislature has proposed a bill that could limit the amount local and state authorities invest in cryptocurrency as a reserve asset. In a&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124861"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124861"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124861\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124861"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}