Texas local governments submit bill to invest $10 million in virtual assets

Texas state representative Ron Reynolds introduced HB 815, which would let each city and county in the state invest up to $10 million of public funds in cryptocurrencies. The cap applies per municipality rather than as a statewide pool, and covers funds each local government holds or manages. The bill would add a crypto investment clause to the state's public funds investment law. It matters because it would open a broad new channel of public-sector demand for digital assets at the local level in a major U.S. state. Next, watch whether the bill clears committee and advances in the Texas legislature, and how broadly municipalities use the allowance if it passes.