Texas Governor Greg Abbott signed House Bill 4488, ensuring that state funds — including any Bitcoin Reserve held outside the state treasury — are shielded from being redirected into general revenue.
This paves the way for Texas to formalize a strategic Bitcoin investment program. Still, Governor Abbott has yet to weigh in on SB21, a bill permitting state investment in cryptocurrencies with at least a market capitalization of $500 billion. So far, only Bitcoin meets the criteria.
Texas Governor Abbott has yet to approve or reject the SB21 bill
The House Bill 4488 protects the Texas Strategic Bitcoin Reserve, the Texas Advanced Nuclear Development Fund, and the Gulf Coast Protection Account. That means the funds will remain established or maintained as distinct entities within or outside the state treasury, as defined by their enabling laws.
However, creating the state’s Bitcoin Reserve hinges on signing SB21 or a comparable bill. If the legislation is signed, then the fund would fall under the legal protections outlined in HB4488.
SB21 was submitted to the governor on June 1, giving him until June 22 to sign or veto it. If he takes no action by then, the bill will automatically become law.
New Hampshire and Arizona approved their Bitcoin Reserve bills
New Hampshire, Arizona, and Texas are among the first states to approve state-level Bitcoin Reserves. Although several other states introduced similar bills in recent months, most failed to advance due to lawmakers’ reluctance over concerns of Bitcoin’s volatility and long-term viability as a reserve asset.
Arizona’s Senate also recently passed HB 2324 in a 16-14 vote, a bill that could see the expansion of the state’s crypto infrastructure. The bill is now back in the House for a final decision. If passed, the bill would amend Arizona’s forfeiture laws to permit the state to treat abandoned digital assets as unclaimed property.
Arizona’s House also passed Senate Bill 1025 (SB1025), which stipulated that seized funds could be invested in Bitcoin. However, Governor Katie Hobbs vetoed it.
She wrote:
The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currencу.
Governor Katie Hobbs
Michigan also introduced four new pro-crypto bills. The first would permit the state’s retirement fund to hold Bitcoin, while the second bill targets CBDCs, calling for a statewide ban and enhanced financial privacy protections. The other two bills are centered on BTC mining, including benefits for those operating on abandoned oil and gas wells.
New Hampshire passed HB 302 into law, allowing the state treasurer to purchase Bitcoin and other digital assets with a market cap above $500 billion. The state also maintains a 5% cap on Bitcoin and digital assets to ensure crypto remains complementary.
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