Texas Governor signs HB 4488 bill to protect state Bitcoin reserves as a permanent fund

According to Crypto Briefing, Texas Governor Greg Abbott has 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 will authorize Texas to invest in Bitcoin and other cryptocurrency assets with a market value of at least $500 billion. Currently, only Bitcoin meets this threshold. Greg Abbott must sign or veto SB21 before June 22nd, and the bill was submitted to him on June 1st. As the bill was submitted towards the end of the legislative session, according to Texas law, he must take action within 20 days after the recess.