PANews reported on April 2 that according to Bitcoin Magazine, Texas House Bill No. 4258 (HB 4258) was submitted to the Government Efficiency Executive Committee for review today. The bill authorizes the state auditor to invest up to $250 million in Bitcoin, and also authorizes municipalities or counties to invest up to $10 million of their funds or funds under their control in Bitcoin and/or other cryptocurrencies. If the bill becomes law, it will take effect on September 1, 2025, which will give state and local government officials time to develop investment strategies and develop custody plans.
According to Bitcoin Laws, HB 4258 is one of eight currently valid Bitcoin or cryptocurrency-related bills submitted to the Texas Senate or the State House of Representatives. Of the eight bills, it is the fifth to enter the committee review stage. Four of the bills (including the current one) will authorize the state to include Bitcoin in its balance sheet in some way. The other three bills - HB 1598, Senate Bill (SB) 21, and SB 778 - all call for Texas to establish a strategic Bitcoin reserve (SBR). All three SBR bills have entered the committee review stage, and SB 21 is currently in the second round of committee review.
