Texas Seeks to Capitalize on the Development of Blockchain Technology & Cryptocurrencies

by Eva Fox October 04, 2021

Texas Seeks to Capitalize on the Development of Blockchain Technology & Cryptocurrencies

Texas seeks to capitalize on the development of blockchain technology and cryptocurrencies by providing them opportunities to grow in the state. Texas Governor Greg Abbott has met with the Texas Blockchain Council on several occasions to make this possible.

Texas is keen to capitalize on China's decision to abolish bitcoin mining as it sparked the ‘Great Mining Migration’ to Austin, according to Forbes. The statewide Texas Blockchain Council has grown to 70 members and will host the Texas Blockchain Summit next Friday. This event could turn out to be the largest one-day state blockchain summit ever.

Texas Governor Greg Abbott has already met twice with the Texas Blockchain Council. He recently commented on Twitter that “Texas will be the crypto leader.” This is reinforced by H-E-B's recent decision to put cryptocurrency kiosks in some Texas grocery stores.

President of the Texas Blockchain Association, Lee Brachter, stated "Texas is poised to become the jurisdiction of choice for blockchain innovation for several reasons including; the business friendly climate that has been cultivated in Texas for many years, the efforts of our Texas Blockchain Council working alongside lawmakers like Representative Tan Parker and Senator Angela Paxton to create legal and regulatory frameworks that allow for entrepreneurs to innovate."

Texas House Bills 1576 and 4474 officially took effect on September 1 after being signed into law by Governor Greg Abbott in June of 2021. Texas House Bill 1576 establishes a working group on blockchain technology. HR 4474 was a bill that updated the Uniform Commercial Code to recognize cryptocurrency and becomes the latest state—along with Rhode Island and Wyoming—to do so. Meanwhile, the Commissioner of the Texas Department of Banking issued a letter authorizing all Texas state-chartered banks to custody cryptocurrency.


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Article edited by @SmokeyShorts, you can follow him on Twitter

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