Texas has benefited from China’s decision to discontinue bitcoin mining, which precipitated the ‘Great Mining Migration’ to Austin, Texas.
The Texas Blockchain Council now has 70 members and is directed by Lee Brachter, the organization’s president. And on Friday, he will host the Texas Blockchain Summit, which has the potential to be the largest one-day blockchain summit ever held at the state level.
It is not lost on anyone what Bitcoin may mean for Texas, which is already ranked among the world’s top ten economies. With Senators Ted Cruz (R-TX), John Cornyn (R-TX), and Cynthia Lummis (R-WY) appearing at the inaugural Texas Blockchain Summit, the event might serve as a barometer for the level of interest in how Texas can benefit from the expansion of digital currencies and blockchain technology.
Texas Governor Greg Abbott has already met twice with the Texas Blockchain Council. Abbott recently stated on Twitter, “Texas will be the crypto leader.” Cryptocurrency is now available in food stores throughout Texas.” Abbott was referring to H-E-decision B’s to install bitcoin kiosks in select Texas supermarkets.
“Texas is poised to become the jurisdiction of choice for blockchain innovation for a number of reasons, including the business-friendly climate that has been cultivated in Texas for many years, the efforts of our Texas Blockchain Council in collaborating with lawmakers such as Representative Tan Parker and Senator Angela Paxton to create legislation,” said Lee Brachter, president of the Texas Blockchain Association.
Texas House Bills 1576 and 4474 went into effect on Sept. 1 after Governor Greg Abbott signed them into law in June 2021. Texas House Bill 1576 established a blockchain technology working group. HR 4474 was a measure that modified the Uniform Commercial Code to include cryptocurrencies, making New Hampshire the third state to do so, joining Rhode Island and Wyoming. Meanwhile, the Texas Department of Banking Commissioner released a letter permitting all state-chartered banks in the state to custody cryptocurrencies.
Governor Abbott also added four fresh specialists to the blockchain workgroup. This is composed of scholars from academic universities and governmental leaders from Texas. Texas’ ambitions have not waned, as the Texas Blockchain Council, chaired by Lee Brachter, has proposed a constitutional amendment allowing the use of bitcoin to pay property taxes in the state.
According to a recent Forbes report, Texas has experienced unprecedented growth thus far this century. “From just over $998 billion in annual GDP in 2000, the Texas economy has grown by 70.6 percent in the last two decades, to just under $1.75 trillion in annual GDP by 2020,” the paper claims. With a GDP of approximately $9 or $10 billion, Texas is currently the ninth or tenth largest economy in the world. There should be no underestimating of how large Texas may grow with crypto.
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