As the Texas legislative session comes to a close, the state’s lawmakers have left some crucial bills related to cryptocurrency regulation unresolved. One such bill is Senate Bill 1751, which focuses on amending Texas’ utilities and tax code to place restrictions on cryptocurrency mining firms. The bill has faced criticism from digital asset advocates, and as of now, it seems unlikely that the bill will be addressed until the next regular session in January 2025.
In the meantime, crypto mining firms in Texas are likely to continue reaping benefits without the proposed regulations in place. However, two other crypto-related bills have made their way through both chambers of Texas’ legislature, and now await Governor Greg Abbott’s signature or veto.
House Bill 1666, a proof-of-reserves bill, requires exchanges to maintain reserves sufficient to fulfill obligations to customers and submit reports to the Texas Department of Banking regarding liabilities. On the other hand, House Bill 591 allows Bitcoin miners in Texas to use flare gas emissions as part of efforts to power their operations.
While Governor Abbott has previously referred to himself as a “crypto law proposal supporter,” he has not explicitly stated what he intends to do with regard to these recent legislations. The governor has until mid-June to take action on HB 1666, while HB 591 may already be de facto state law.
The outcome of these proposed laws could significantly impact Texan cryptocurrency supporters and mining firms operating in the state. Critics argue that the increased energy usage associated with mining is harmful to the environment, leading to tensions between pro and anti-crypto representatives at the federal level.
In conclusion, the fate of the aforementioned bills rests with Governor Abbott. His decisions could either strengthen or hinder the growth of the cryptocurrency industry in Texas, shaping the state’s approach towards digital assets for years to come.
Source: Cointelegraph
