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Texas Governor Greg Abbott has signed House Bill 4488 (HB4488) creating a legal shield for select state funds including any Bitcoin reserve established outside the state treasury. The new law ensures these funds cannot be pulled into the state’s general revenue giving added protection to future digital asset reserves.
The bill also covers other strategic funds such as the Texas Advanced Nuclear Development Fund and the Gulf Coast Protection Account. These will be formed or reformed as separate entities either within or outside the treasury depending on the requirements of their enabling legislation.
Governor Abbott has not yet acted on Senate Bill 21 which would allow Texas to invest in cryptocurrencies like Bitcoin that have a market cap above 500 billion dollars. Currently only Bitcoin qualifies. He has until June 22 to sign veto or let the bill pass into law without action. If approved the Texas Strategic Bitcoin Reserve would become a protected entity under the framework now set by HB4488.
