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9 sats \ 2 replies \ @Cje95 12 Feb \ on: TEXAS JUST FILED ITS 2ND STRATEGIC BITCOIN RESERVE BILL Politics_And_Law
If they are in different Chambers (the Texas house and the Texas Senate) that’s one thing but if they are two that have been introduced in either the house or senate that’s a pretty big issue
House Bill (HB 1598)
- Donations Only: This bill only allows for donations in Bitcoin and does not permit outright purchases by the state
- Holding Period: Any donated Bitcoin must be held for at least five years before it can be sold, transferred, or converted to another cryptocurrency.
- Fund Structure: The reserve would be established as a special fund in the state treasury outside the general revenue fund.
Senate Bill (SB 778)
- State Purchases: This bill allows the state to own and hold Bitcoin as a financial asset, not just through donations.
- Budget Allocation: The legislature can designate up to 1% of any leftovers from the state's biennial budget for the comptroller to purchase Bitcoin.
- Advisory Committee: The bill proposes creating the Texas Strategic Bitcoin Reserve Advisory Committee to oversee the reserve.
- Broader Scope: It allows for both state ownership and donations from residents and entities.
- No Minimum Holding Period: Unlike the House bill, there is no specified minimum holding period for the Bitcoin in the reserve.