Texas Governor Signs HB 4488 to Protect State Bitcoin Reserve as Permanent Fund

on June 21, Texas Governor Greg Abbott passed House Bill 4488 (HB 4488), which aims to protect specific state government funds, including any bitcoin reserves created outside of state finances, from being included in general revenue. The bill exempts the reserve fund and other special funds from the obligation to automatically dissolve in 2025.Texas Governor Greg Abbott has not yet made a decision on Senate Bill 21 (SB21). The bill would authorize Texas to invest in bitcoin and other crypto assets with a market value of at least $500 billion. Currently, only bitcoin meets this threshold.Greg Abbott must sign or veto SB21 by June 22, as the bill was submitted to him on June 1. Since the bill was submitted just before the legislative session ended, under Texas law, he must take action within 20 days after the adjournment.