The bill authorized by Texas auditor general to invest $250 million in Bitcoin enters the committee's deliberation phase

PANews April 2, according to Bitcoin Magazine, Texas House of Representatives Act No. 4258 (HB 4258) was submitted to the Government Efficiency Executive Committee for consideration today. The bill authorizes the state auditor general to use up to $250 million in Bitcoin and also authorizes municipalities or counties to invest up to $10 million in Bitcoin and/or other cryptocurrencies. If the bill becomes law, it will come into effect on September 1, 2025, which will allow time for state and local government officials to develop investment strategies and develop custody plans.

According to Bitcoin Laws, HB 4258 is one of eight current effective Bitcoin or cryptocurrency-related bills currently submitted to the Texas Senate or the State House of Representatives. Of these eight bills, it is the fifth bill to enter the committee's deliberations phase. Four of these bills, including the current bill, would authorize the state to include Bitcoin on its balance sheet in some way. The other three bills - HB 1598, Senate Bill (SB) 21 and SB 778 - both call on Texas to establish a strategic Bitcoin Reserve (SBR). All three SBR bills have entered the committee's deliberation phase, of which SB 21 has now entered the committee's second round of deliberations.