New Cryptocurrency Law in Texas: A Major Step for the US Cryptocurrency Industry
Texas Protects Bitcoin Reserve Fund through Bill HB 4488
On June 21, according to Crypto Briefing, Texas Governor Greg Abbott approved Bill No. 4488 (HB 4488). This law aims to protect the state's government funds, including Bitcoin reserves created outside the state budget, from being included in general revenue. Specifically, reserve funds and other special funds will not be automatically dissolved in 2025 as previously regulated. This is a strategic step to strengthen the cryptocurrency sector within Texas law, opening up significant opportunities for Blockchain and DeFi applications.
Will There Be Approval? Texas's Decisive Move towards Bitcoin Investment
Currently, Texas has not made a final decision on Senate Bill 21 (SB 21). This bill allows the state to directly invest in Bitcoin and other cryptocurrencies, with a minimum total value of $500 billion. At present, only Bitcoin meets market standards. Abbott has until June 22 to sign or veto SB 21. Notably, as the bill was sent to him on June 1 and occurred near the end of the session, according to Texas law, he must make a decision within 20 days after the official session closes. This could be a major turning point, opening a new path for official cryptocurrency acceptance in one of the most powerful states in the US.
Potential Legal Impacts on the Cryptocurrency Community
If Texas officially legalizes investment in Bitcoin and other cryptocurrencies, the domestic and regional cryptocurrency market will experience a strong shift. This will not only increase trust among major investors but also demonstrate pioneering efforts in building a blockchain-friendly legal environment. Distributed technology and digital assets could become part of the national financial ecosystem, promoting the development of new financial services, enhancing capital access, and driving innovation in the DeFi field.
Conclusion
Texas's new policy may mark an important milestone in the journey of legalizing and expanding the cryptocurrency sector in the US. Protecting the Bitcoin reserve fund and the potential for direct investment in promising digital currencies will create favorable conditions for comprehensive industry development. Investors and businesses in the cryptocurrency sector should closely monitor Texas's next steps, as this decisive move could significantly impact future legal and investment trends.
