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9 sats \ 1 reply \ @freetx 13 Feb \ parent \ on: TEXAS JUST FILED ITS 2ND STRATEGIC BITCOIN RESERVE BILL Politics_And_Law
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.