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first_img Texas lawmakers submit a bill allowing cities and counties to invest up to 10 million dollars in Bitcoin

Texas State Representative Ron Reynolds submitted HB 815, a bill that allows each city and county in the state to invest up to 10 million dollars of public funds in Bitcoin or other cryptocurrencies. The bill was submitted on the first day of the pre-filing period for the 90th Texas Legislature and will amend the Public Funds Investment Act by adding Section 2256.0165 "Authorized Investment: Cryptocurrency." If it becomes law, this authorization will take effect on September 1, 2027.The 10 million dollars is a cap for each city or county, not a statewide pooled fund, and school districts and other local governments subject to the investment law are not included. The bill adopts the definition of Bitcoin and cryptocurrency from last year's SB 21, which established the Texas Strategic Bitcoin Reserve, so cities or counties are not limited to Bitcoin. The bill does not introduce a requirement for the purchased tokens to have an average market value of at least 50 billion dollars over the past 24 months, nor does it include provisions for cold storage and qualified custodians, and it does not specify regulations for custody, digital asset audits, or loss handling.This bill is a narrowed version of last year's proposal. Reynolds previously submitted HB 4258 with Mihaela Plesa on March 10, 2025, allowing the state auditor to invest up to 250 million dollars from the Economic Stabilization Fund in Bitcoin or cryptocurrencies, and set the same 10 million dollar cap for cities and counties, but it did not become law. Texas's own reserve was established separately through SB 21, signed by Governor Greg Abbott in June 2025. The Texas State Auditor's Office purchased 5 million dollars of BlackRock iShares Bitcoin Trust on November 20, 2025, as a transition, and the second purchase brought the reserve's IBIT exposure to about 10 million dollars. The regular session of the 90th Legislature will convene on January 12, 2027, and the bill has not yet been submitted to committee.

first_img Miami-Dade County begins accepting Bitcoin for property tax payments

Miami-Dade County Tax Collector Dariel Fernandez announced on Monday that his office has begun accepting Bitcoin for property tax payments, available both online and offline, but each transaction will be converted to U.S. dollars before the funds reach the county government. Fernandez made this announcement in a statement on the tax collector's website, calling it an additional option for property owners while not putting public funds into the asset. Taxpayers can choose the cryptocurrency option at checkout online or request it at the counter, then connect to a supported exchange account or digital wallet to authorize the payment.The office stated that a third-party system converts Bitcoin to U.S. dollars at the time of payment, so it never holds, invests, or manages any cryptocurrency. The office still receives the full amount due in U.S. dollars and records the transaction in standard payment reports, with county staff not needing to maintain a digital wallet. Fernandez stated that the government must keep up with the times and the needs of those it serves, and accepting Bitcoin as a payment option provides another way for property owners to pay taxes while continuing to offer traditional payment methods, without compromising the responsibility to protect taxpayer funds. The office did not disclose the name of the payment processor and did not specify whether there is a convenience fee for Bitcoin payments; online credit card and mobile wallet payments currently incur a non-refundable fee of 2.5%, with a minimum of $2.5.This move comes during Florida's property tax collection season. Miami-Dade County opened its 2026 tax bill on October 30 and urged property owners to pay by November 30 to lock in a 4% early payment discount, which drops to 3% in December, 2% in January, and 1% in February, with the full amount due by March. In 2021, Miami-Dade County Commissioner Danielle Cohen Higgins proposed a resolution to explore allowing residents to pay county taxes and fees with Bitcoin; previously, Miami Mayor Francis Suarez advocated for allowing residents to pay municipal fees and taxes with Bitcoin. The office stated that Miami-Dade County is one of the first government agencies in the U.S. to accept such payments, with Colorado accepting cryptocurrency for state tax payments since 2022, and Utah subsequently offering a similar option for individual income tax.
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