Amidst Uncertainty, Texas Leads Digital Asset Policy and Legislative Action
November 14, 2023
November 14th, 2023 — Texas is leading the U.S. digital asset revolution thanks to continuing its track record of enacting laws and regulations that align with industry best practices, protect consumers, but also avoid overreach and stifling innovation. Texas is a model for future federal bitcoin and blockchain-based regulation.
With more than 21 cryptocurrency-related bills currently awaiting decision at the state level in various jurisdictions across the country, Texas is not just the state with the eighth largest economy in the world but is also a legislative powerhouse, showing that bi-partisan consensus and responsible innovation is possible in the digital asset industry.
The size and dynamism of the Texas economy, particularly a highly educated tech workforce and abundant energy resources, not only make it a hub for emerging technologies but also position the state as a legislative giant whose regulatory environment is capable of exerting nationwide influence.
Against this backdrop, the North American Blockchain Summit (NABS), stands as the defining event where the future of digital asset policy will be charted.
Some of the recent legislation that has been successfully passed includes;
- HB 4474 passed in the 87th Texas Legislature and updated the Uniform Commercial Code to better adapt commercial law to blockchain innovation and digital asset control.
- HB 591 passed in the 88th Legislature and supports the continued use of bitcoin mining in oil and gas operations to reduce emissions and wasted natural gas resources. A recent article showed the continued emergence of the Texas oil and gas industry as a leader in embracing the benefits of bitcoin mining.
- HB 1666 passed in the 88th legislature and protects consumers from fraudulent actors by requiring centralized exchanges to make disclosures of assets and liabilities through proof of reserves.
- Texas is leading the way forward to ensure regulations are in place to protect consumers, while focusing on continued dialogue with the industry to have a transparent and consistent regulatory framework for all.
- Texas was one of the first states to allow chartered banks to custody digital assets, a major step forward for the nascent crypto, blockchain and web3 economy.
Thanks to the efforts of Texas Blockchain Council (TBC), Texas has not only passed laws governing digital assets, attracting entrepreneurs to the state by providing them with regulatory certainty and clarity, but has established a continuing dialogue between the industry and policymakers to promote responsible innovation and economic growth.
The TBC is an industry association with more than 75 member companies seeking to make Texas the jurisdiction of choice for bitcoin, crypto and blockchain innovation.
NABS has earned the reputation as being the most prestigious event on the U.S. digital asset calendar and is being held in Fort Worth from November 15 through 17, 2023.
Fort Worth was the first government entity in the U.S. to mine bitcoin and is one of the fastest-growing cities in the country. Industry leaders, decision-makers, policymakers, as well as a bipartisan group of state and federal legislators – including presidential candidates Vivek Ramaswamy and RFK Jr., Andrew Yang, Senators Cynthia Lummis and Ted Cruz – will meet to discuss the future of digital assets in the U.S. including SEC/CFTC regulations, ETFs, bitcoin mining, and much more.
Lee Bratcher, president and founder of the Texas Blockchain Council, said:
“Texas has long been a leader in innovation, economic prosperity, and a model business-friendly jurisdiction. When it comes to digital assets, while most regulatory discussions are mired in political gridlock, we are leading the nation and the world forward by hosting an event where institutions, investors, and policymakers convene to solve problems and build the financial infrastructure and technical expertise for the future.”
As Texas continues to serve as the model for digital asset regulation in other states, as well as at the Federal level, we are inviting all key stakeholders to join us in making sure North America doesn’t fall behind due to a lack of regulatory clarity or misinformation. The Summit will showcase the latest insight from industry leaders, decision-makers, and state and federal legislators, as well as keynote addresses from presidential candidates Vivek Ramaswami and Robert F. Kennedy Jr.
To register for this year’s North American Blockchain Summit, please visit: https://www.northamericanblockchainsummit.com/
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