Texas lawmaker seeks to cap state’s proposed BTC purchases at $250M

A House bill filed by a Texas Democrat proposed the state’s comptroller wouldn’t be able to invest more than $250 million in crypto.

A 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 bill filed on March 10, Texas Representative Ron Reynolds proposed the state’s comptroller not be allowed to invest more than $250 million of its Economic Stabilization Fund — otherwise known as a “rainy day” fund — in Bitcoin (BTC) or other cryptocurrencies. The legislation also suggested that Texas municipalities or counties could not invest more than $10 million in crypto.

HB 4258, filed by Texas Representative Ron Reynolds. Source: Texas legislature

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