Texas has been very forward in terms of crypto adoption. It has been a sanctuary for many mining firms and blockchain companies due to friendly regulations. And now, a member of the Texas House of Representatives, Cody Harris, introduced a new law to protect miners and hodlers in the state. The resolution shared by Cody says, “Bitcoin economy is welcome” in Texas.
New resolution for miners and hodlers in Texas
The idea behind the new regulation is to protect those individuals who are contributing to the Bitcoin network and are based out of Texas. This will help prevent any form of seizure or searches over digital asset holdings. The law that is intended to be passed by Cody will prevent anyone stopping Bitcoin miners in Texas from protecting the network via mining. The ones who hold Bitcoin would be allowed to transact peer-to-peer with other Texas citizens, and free completely safe about it for their use and ownership of Bitcoin.
If this law is passed and implemented, it would be a great gesture and would revolt against the negative sentiments that are going around the crypto world. It would also make the mining companies that moved to Texas from China after the crackdown there much safer. And most importantly, it would reaffirm that Texas is a crypto-friendly state and is a hub for blockchain companies.
Even at present, crypto is considered to be a part of the Texas Uniform Commercial Code. This has also gotten them a lot of backlash from multiple regulators as they believe the regulatory regime in Texas is very loose. It could result in a huge impact on the environment because miners are freely operating in the state.
Great news for miners
If this law passes, then we can expect that more miners from different states and even countries will flock to Texas. After all, having stability in operations, considering the huge hardware involved, is very critical. And the cherry on the cake is that the state will be very protective of the blockchain businesses there.
What are your thoughts as Texas lawmaker introduces new law to protect miners and hodlers? And do you think this will attract more blockchain businesses to Texas? Let us know in the comments below. And if you found our content informative, share it with your family and friends.
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