Texas Lawmaker Proposes Limits on Crypto Investments for State and Local Authorities

On March 10, Texas Representative Ron Reynolds introduced a bill to limit cryptocurrency investments by Texas authorities. The bill proposes capping the state's Economic Stabilization Fund investments in Bitcoin and other cryptocurrencies at $250 million. It also suggests a $10 million limit for crypto investments by Texas municipalities or counties. This proposal contrasts with a bill passed by the Texas Senate on March 6, which could allow unlimited Bitcoin purchases for a state strategic reserve. The potential restrictions come amid broader discussions about establishing a Bitcoin reserve in Texas, following similar proposals in other US states. Wyoming Senator Cynthia Lummis reintroduced legislation on March 11 to codify the proposed BTC reserve into law in the Senate.