Several leading companies from the realm of digital assets and blockchain, including Coinbase, Ledger, and a16z crypto, among others, have rallied to inaugurate the Crypto Freedom Alliance of Texas. The alliance’s mission: to pave the way for tangible, comprehensible regulations for digital currencies in Texas. By pushing forward educational endeavors, the Alliance intends to raise awareness among various stakeholders—ranging from government officials and corporations to non-profit organizations—about the value of Web3 and its potential benefit for the state.
Kinjal Shah, the Chair of the Alliance and general partner at Blockchain Capital, believes that Texas stands to gain significantly with the right crypto policies, particularly given the federal government’s inaction in this regard. The emphasis is on protective policies for investors and customers that can also inspire novelty and technological progression.
Looking beyond DAO-linked matters, the Crypto Freedom Alliance plans to promote crypto-friendly tax laws and banking regulations. They envisage a future wherein Texas can mimic Wyoming’s bank charter laws, deemed positive for crypto-orientated legislature.
Texas is fast becoming a central hub for cryptocurrency mining in the United States, with companies like Genesis Digital Assets and Hut8 marking strong footholds. Hut8, to demonstrate, has shifted thousands of mining computers to Texas, signifying the growing importance of the region in the cryptocurrency mining industry.
Worth noting is the support of crypto-friendly lawmakers in Texas, such as Senator Ted Cruz. Advocating for Bitcoin mining, Cruz recently highlighted its potential advantages during periods of extreme weather. He called attention to the fact that Bitcoin mining operations can swiftly power down during crisis periods, thereby acting as emergency power reserves.
This is undoubtedly not the first endeavor to advocate for the interests of the crypto society. Previously, Coinbase had initiated an advocacy group named Stand with Crypto Alliance to promote the rights of the crypto community. The independent non-profit organization is committed to garnering support for legislation to create an uncomplicated regulatory framework for digital assets in the US.
While pushing for legalization and simplification is necessary, it’s also crucial to appreciate the collision points that often arise between the crypto community and US regulators. Bridging this gap is key, because the digital asset industry cannot thrive in a state of sustained conflict with the regulators.
Source: Cryptonews
