Could Texas's Bitcoin Bill Also Apply to Litecoin?

The proposed "Bitcoin" bill in Texas defines Bitcoin as a decentralized digital asset created by a peer-to-peer network, operating without central authority or banks.

Interestingly, Litecoin also meets this definition—as it is a source code fork of Bitcoin, utilizing the same blockchain technology with an 84M total supply and a different, non-competing mining algorithm. This suggests that the bill’s framework could also imply Litecoin as a similar digital asset, recognizing its role within the state’s strategic digital asset framework. By applying this definition broadly, the bill not only supports Bitcoin but could provide a regulatory pathway for other cryptocurrencies like Litecoin.

The comptroller is required to hold all 'Bitcoin' for a minimum of five years from the date it enters the state's custody. Once this period has passed, the Bitcoin can be transferred, sold, appropriated, or converted to another cryptocurrency as directed by the comptroller.

State agencies that accept cryptocurrencies shall first convert the accepted cryptocurrencies to an equivalent value of Bitcoin, if necessary, before depositing the Bitcoin to the credit of the Texas Strategic Bitcoin Reserve. This ensures consistency in the management and evaluation of these digital assets within the state’s reserve system.

Since the bill doesn't specify 'Bitcoin' as the version with 10-minute block times and the SHA-256 mining algorithm, it's possible that the definition of "Bitcoin" could also include 'Litecoin'.

Maybe this Bill should be named the "TEXAS STRATEGIC BITCOIN & LITECOIN RESERVE." 

This name could better highlight the state's potential acknowledgment of both Bitcoin and Litecoin as a "decentralized digital asset created by a peer-to-peer network, operating without central authority or banks"

BITCOIN & LITECOIN

FULL BILL DOCUMENT:

https://capitol.texas.gov/tlodocs/89R/billtext/pdf/HB01598I.pdf#navpanes=0