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Texas lawmaker seeks to cap state’s proposed BTC purchases at 0M

A member of the Texas legislature has proposed a bill that could limit the amount local and state authorities invest in cryptocurrency as a reserve asset.

In a bill filed on March 10, Texas Representative Ron Reynolds proposed the state’s comptroller not be allowed to invest more than $250 million of its Economic Stabilization Fund — otherwise known as a “rainy day” fund — in Bitcoin (BTC) or other cryptocurrencies. The legislation also suggested that Texas municipalities or counties could not invest more than $10 million in crypto.

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HB 4258, filed by Texas Representative Ron Reynolds. Source: Texas legislature

The proposed bill followed the Texas Senate passing legislation on March 6 to establish a strategic Bitcoin reserve in the state. The SB 21 bill seemingly could allow the Texas comptroller to have no limit on purchasing BTC for a reserve, based on the most recent draft. 

Related: Bitcoin reserve backlash signals unrealistic industry expectations

The plan for a strategic Bitcoin reserve in Texas was one of many separate bills proposed in US state governments following the inauguration of President Donald Trump and Republican lawmakers winning control of the US House of Representatives and Senate. Texas Lieutenant Governor Dan Patrick said in January that the state’s legislative priorities for 2025 would include a proposal to establish a Texas Bitcoin Reserve.

Is there a partisan divide on state and federal crypto plans?

It’s unclear if Rep. Reynolds, a Democrat, intended to support the BTC reserve bill introduced by State Senator Charles Schwertner, a Republican, or propose restrictions in the event the legislation becomes law. If passed and signed by Governor Greg Abbott, the bill would take effect on Sept. 1. Cointelegraph reached out to Rep. Reynolds’ office for comment but did not receive a response at the time of publication. 

Though Trump signed an executive order on March 7 to create a federal “Strategic Bitcoin Reserve” and “Digital Asset Stockpile,” many legal experts have questioned the US president’s authority to enact specific policies through EOs. Wyoming Senator Cynthia Lummis reintroduced legislation on March 11 to codify the proposed BTC reserve into law in the Senate.

Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

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FBOT registry won’t bring offshore crypto exchanges to the US — Attorney

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<div>FBOT registry won't bring offshore crypto exchanges to the US — Attorney</div>

<div>FBOT registry won't bring offshore crypto exchanges to the US — Attorney</div>

The Foreign Board of Trade (FBOT) framework is designed for the legacy financial system and is a poor fit for cryptocurrency exchanges.

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‘Scam of all scams’: Crypto dev claims Trump-linked WLFI ‘stole’ his money

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‘Scam of all scams’: Crypto dev claims Trump-linked WLFI ‘stole’ his money

‘Scam of all scams’: Crypto dev claims Trump-linked WLFI ‘stole’ his money

A crypto developer says Trump-linked crypto project WLFI froze his tokens and refused to unlock them, calling it “the new age mafia.”

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Farage confirms he wants to deport women asylum seekers back to Taliban in Afghanistan

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Farage confirms he wants to deport women asylum seekers back to Taliban in Afghanistan

Nigel Farage has confirmed he wants to deport women asylum seekers back to the Taliban in Afghanistan if he becomes prime minister.

The Reform UK leader’s position on the topic has not been clear, with him previously saying he would send women back to the fundamentalist regime that took over after western militaries withdrew, before now saying he would.

Mr Farage was speaking to Sky News’ political editor Beth Rigby at the Reform UK party conference in Birmingham.

Politics live: Govt responds to Farage wanting early election

When asked if he would “detain” women and children and “send them back”, the Clacton MP said “yes”.

Challenged on when he said in August that he was not “discussing” women and children, Mr Farage claimed this was a reference to his desire to seeing men detained on arrival in the UK.

At the time he said he was “very, very clear” on the “deportation of illegal immigrants”, adding: “We are not even discussing women and children at this stage – there are so many illegal males in Britain, and the news reports that said that after my conference yesterday were wrong”

More on Migrant Crossings

Speaking today, Mr Farage claimed that the UK has a “duty of care” if a four-year-old arrives in a dinghy, for example – but not so for women and men.

“For clarity, those that cross the English Channel will be detained and deported, men and women,” Mr Farage went on.

“Children, we’ll have to think about.”

The Reform leader also rowed back on his pledge to stop all boats within two weeks if he is elected prime minister.

Speaking to the conference yesterday, Mr Farage said: “You cannot come here illegally and stay – we will stop the boats within two weeks of winning government.”

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Watch Farage face questions on his tax affairs

But speaking to Beth Rigby today, he changed tack – saying “the passing of legislation” would be required.

He said the boats would then be stopped within two weeks, or sooner.

In the interview with Rigby, Mr Farage tried to claim he did not say he would end the boats within two weeks of “winning government”.

But the video of his speech, as well as the transcript released by Reform UK, clearly show him saying: “We will stop the boats within two weeks of winning government.”

When asked why he wouldn’t be able to stop the boats within two weeks of winning government, Mr Farage said it was impossible and “no one” can prevent them crossing the Channel.

The Reform UK leader said the law he wants to introduce will be called the Illegal Migration Act once it is passed by parliament.

He confirmed his agenda includes leaving the European Convention on Human Rights, shutting down asylum hotels and housing people at RAF bases instead, as well as deporting Channel migrants.

Mr Farage also claimed that deportation flights would also begin within two weeks of the law changing, and this combination of factors would stop people from wanting to travel from France.

This strategy all depends on Reform UK winning the next general election – which Labour does not have to call until 2029.

However, Mr Farage says he believes the government will collapse in 2027 due to economic pressure and other factors.

Reform are currently well clear of Labour and the Conservatives in the polling, and are targeting next year’s Welsh, Scottish and English local election to try and win more power in councils and national assemblies.

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