| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the authority of the comptroller of public accounts and |
|
|
certain political subdivisions of this state to invest certain |
|
|
money in cryptocurrencies. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 404.001, Government Code, is amended by |
|
|
adding Subdivisions (1) and (1-a) to read as follows: |
|
|
(1) "Bitcoin" means a type of decentralized |
|
|
cryptocurrency created by a peer-to-peer network that operates |
|
|
independently of any central authority or bank. |
|
|
(1-a) "Cryptocurrency" means a type of virtual |
|
|
currency that uses cryptography to secure transactions that are |
|
|
digitally recorded on a distributed ledger, such as a blockchain. |
|
|
SECTION 2. Section 404.0241, Government Code, is amended by |
|
|
adding Subsection (a-1) to read as follows: |
|
|
(a-1) The comptroller may invest not more than $250 million |
|
|
of the economic stabilization fund balance in Bitcoin or another |
|
|
cryptocurrency. |
|
|
SECTION 3. Subchapter A, Chapter 2256, Government Code, is |
|
|
amended by adding Section 2256.0165 to read as follows: |
|
|
Sec. 2256.0165. AUTHORIZED INVESTMENTS: CRYPTOCURRENCY. |
|
|
(a) In this section, "Bitcoin" and "cryptocurrency" have the |
|
|
meanings assigned by Section 404.001. |
|
|
(b) A municipality or county may invest not more than $10 |
|
|
million of its funds or funds under its control in Bitcoin or |
|
|
another cryptocurrency. |
|
|
SECTION 4. This Act takes effect September 1, 2025. |