A Texas lawmaker has filed legislation that would allow local governments to invest taxpayer money in cryptocurrency.

Rep. Ron Reynolds, a Democrat from Missouri City, submitted House Bill 815 on the first day of prefiling for the 90th Texas Legislature.

The measure would let each municipality or county put up to $10 million into Bitcoin or another cryptocurrency, starting September 1, 2027, if it becomes law.

Few guardrails in the text

The bill is only two sections long.

It amends the Public Funds Investment Act by adding a new section on crypto as an authorized investment. The $10 million limit applies to each city or county, not to the state as a whole. School districts are not…