Texas Lawmaker Proposes Limiting State Government Purchases of Bitcoin Up to $250 million

Texas Congressman Ron Reynolds has introduced a new bill that would recommend that state treasurers should not use the Economic Stabilization Fund to invest more than $250 million in bitcoin or other crypto assets. Additionally, Texas cities or counties should not invest more than $10 million in cryptocurrencies. The proposal follows the passage of SB 21 by the Texas Senate last week, which aims to establish the Texas Bitcoin Strategic Reserve with no purchase cap.