Texas lawmaker seeks to cap state’s proposed BTC purchases to $250M

Texas Lawmaker Wants to Put a Ceiling on the Bitcoin Dream 🎩🚀

Oh, Texas. The land of cowboy hats, BBQ, and apparently… crypto debates? 🤠🍖💸 A new bill from Texas Representative Ron Reynolds is spicing things up in the state legislature, proposing to cap Texas’s crypto piggy bank at $250 million. Because really, who needs more than that when saving for a rainy day? ☔🤑

On March 10, Reynolds submitted his masterplan to stop the state comptroller from channeling more than $250 million of the oh-so-seriously named Economic Stabilization Fund (yes, that’s the “rainy day” fund) into Bitcoin (BTC) or any of its crypto cousins. 😱 To add fuel to the fire, municipalities and counties are told to stay in their crypto lane and not exceed $10 million. Someone clearly thinks small when it comes to moon missions. 🚀🙄

Funny thing is, this proposed party pooper bill dropped just days after the Texas Senate decided to dream big. Like, massive cowboy-hat-meets-the-moon big. 🚀 The Senate gave thumbs up to SB 21 on March 6, which could *potentially* allow the Texas comptroller to buy Bitcoin on a YOLO basis, no cap. That’s Bitcoin with a capital B, y’all. 🪙🤠

For those keeping score at home, this whole strategic Bitcoin reserve idea has been bouncing around in state legislatures ever since Donald Trump sashayed back into power, complete with a red “MAGA” cape and a newfound crypto bonanza. 🦸‍♂️💼 Apparently, Texas Lieutenant Governor Dan Patrick also got the memo and made this Bitcoin thingy one of his legislative darlings for 2025. Yeehaw. 🤦‍♀️

Is this just crypto tug-of-war, but with a Texas twang? 🤔

Now, here’s where it gets extra awkward — Rep. Reynolds (a Democrat) seems to be throwing a ‘Wait, not so fast!’ wrench into what Republican State Senator Charles Schwertner and his pro-crypto pals are cooking up. Are they orchestrating some bipartisan performance art, or is this crypto showdown just another day in Texas politics? 🧑‍⚖️🤷‍♀️

Should this bill make it past all the hurdles — including the desk of Governor Greg Abbott, who’s probably deciding whether to sign in a ten-gallon hat — it would hit the books on Sept. 1. Meanwhile, we reached out to Reynolds’ office for comments on his crypto cold-feet vibes and got… seriously, not even a tumbleweed rolled back. Nada. 🕵️‍♂️❌

On a somewhat related but no-less-wild note, President Trump put his signature sparkle on a March 7 executive order for a federal “Strategic Bitcoin Reserve” (what’s next, a National NFT Museum?). Experts, as always, called “dibs on skepticism” and suggested the move might be teetering on the edge of presidential overreach. Elsewhere, Wyoming Senator Cynthia Lummis decided to resurrect her bill to turn this grand crypto strategy into Senate-chiseled law. Stay tuned for the drama, folks. 🍿⚖️

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2025-03-11 23:23