Governor of Texas signs law that protects an eventual state reserve of Bitcoin

By Hannah Pérez

A law that establishes a bitcoin reserve in Texas is still pending, but there is already a legal framework that protects it. If Governor Abbott does not formally reject the SB21 project, which creates a Bitcoin reserve, the law will become tomorrow.

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• Texas does not yet have a Bitcoin reserve law, but a legal framework that protects it.
• Governor Abbott signed HB 4488, which protects certain state funds, including a bitcoin reserve.
• If you do not formally reject the SB 21 project, a Bitcoin Reserve Law will be effective tomorrow.
• Texas is about to become the second in the US. Uu. In promulgating a bitcoin reserve.

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The state of Texas, in the United States, has taken a step to protect a reserve from Bitcoin –Even when you still don’t have one.

The Governor of Texas, Greg Abbott, signed the bill of the Chamber of Representatives 4488 (HB 4488), which protects certain state funds, including reserves of Bitcoin that remain out of the state treasure.

This legislation ensures that, if a state reserve of Bitcointhis is exempt from future laws for abolition of funds, granting a permanent substantive status. It also guarantees that their funds are not absorbed in the general income of the State.

Although HB 4488 does not directly establish the creation of a strategic reserve of Bitcoin For Texas, it provides the legal framework to protect it if it is created through another legislation, such as bill 21 of the Senate (SB 21).

Bitcoin Reserve Law is still pending in Texas

The ABBOTT decision to approve the law that protects an eventual reserve from Bitcoin In that state it was part of a session on Friday in which the governor signed about three hundred laws, according to the team of Bitcoin Laws.

However, among the hundreds of signatures, there was no final decision for SB21, which means that formal strategic reserve legislation of Bitcoin For Texas it is still pending.

Introduced last November, the SB 21 bill would authorize Texas to invest in Bitcoin and other cryptocurrencies with a market capitalization of at least USD $ 500 billion (a requirement that only Bitcoin it currently meets).

This legislation, sponsored by Senator Charles Schwertner, advanced in the legislative process, being approved by the Senate in March and subsequently by the House of Representatives on May 21, before being sent to Governor Abbott at the beginning of the month.

The state race to accumulate Bitcoin

The approval by both cameras placed Texas to the lead in the state race for a reserve of Bitcoin In the United States. Arizona is also very close, especially after his governor Katie Hobbs signed a bill last month that allows establishing a state reserve fund based on unlisted digital assets.

This week, Arizona revived a bill to form a reservation of Bitcoin from seized assets. The bill “HB 2324” was approved by the Senate of Arizona on Tuesday and is now directed to the House of Representatives for a final vote.

More than a dozen states in the United States moved to discuss the adoption of Bitcoin As a treasury reserve asset this year, amid the efforts of President Donald Trump to establish a similar reserve at the national level.

New Hampshire It became last month the first jurisdiction of the United States with a reserve law Bitcoin.

Without formal rejection, Texas could make history tomorrow

According to the reports, Governor Abbott has until tomorrow, June 22, to sign or veto the SB21, which was sent to him on June 1. Because it was delivered near the end of the legislative session, the Texas Law gives it 20 days after the postponement to act.

If Abbott does nothing before the deadline, the bill automatically becomes law.

While the fate of the reserve of Bitcoin Texas is still pending, either by SB21 or separate legislation, if established, the new HB4488 Law promulgated by the governor already establishes a framework that will officially protect it.

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Hannah Estefanía Pérez / Diariobitcoin

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