Governor Abbott Is Trying To Make Texas A Crypto Hub

The freight train just keeps on rolling!

Governor Abbott recently signed a bill in order to create a legal framework governing crypto investments in The Lone star State.

This is clearly a bid to make Texas a crypto hub, as other states like Wyoming, and Nebraska are trying to do, and with the current political and economic climate, this is just one more reason to move to Texas.

Other industries and corporations have already begun their move to the state due to its low taxation, low regulatory environment, and pro business policies.

Keep an eye on Texas everyone, it may just end up becoming the main crypto hub of The United States.

Here’s more on this development:

Blockchain is a booming industry that Texas needs to be involved in.

I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.#Blockchain #Bitcoin#cryptocurrency pic.twitter.com/bMKXxxYooe

— Greg Abbott (@GregAbbott_TX) June 5, 2021

Texas signed a crypto-friendly bill

Nebraska passed a law to let banks accept cryptocurrencies

Wyoming approved the state’s first crypto bank

Miami wants to be the hub for crypto

El Salvador set to become first country to make bitcoin legal tender

Gradually and then suddenly

— Alex Ferre (@theAlexFerre) June 7, 2021

Yahoo had more on the story:

The governor, who took office in 2015, has long been a crypto supporter. He even welcomed “the bitcoin community” to his election campaign way back in 2014. And more recently, he voiced support for a cryptocurrency law in Texas, saying to “count him in” back in March.

Of cryptocurrencies, he said “It is increasingly being used for transactions and is beginning to go mainstream as an investment. Texas should lead on this like we did with a gold depository.”

Since then, lawmakers in Texas passed the bill to establish a legal framework for cryptocurrency investments in the state. On May 28, reports revealed the bill had since passed to Gov. Abbott’s desk for his final signature.

At the time, reports also indicated that Texas was one of 25 states in the U.S. considering cryptocurrency legislation. According to reports made in April, Francis Suarez, Mayor of Miami, pushed a bill that would lead to meaningful cryptocurrency regulation in Florida. He passed the bill after a unanimous vote in the Florida House of Representatives.

Coin Telegraph had some news which would suggest that Texas is becoming a massive crypto hub:

In an exclusive interview with Cointelegraph, Blockcap founder and executive chair Darin Feinstein said the firm had chosen Texas for its headquarters based on the potential hiring pool as well as the regulatory environment. According to Feinstein, blockchain companies operating in the United States — and Texas in particular — may face fewer geopolitical risks than those in China and other countries.

“Texas certainly is a place that we see protecting the privacy elements and some of the other aspects of blockchain technology that some states and some governments around the world don’t like.”

The Blockcap executive said that areas of China with a high concentration of Bitcoin (BTC) miners, like Xinjiang, don’t “protect private property” and may encourage firms to set up shop elsewhere. This week, the hashing power of top Bitcoin mining pools in the Chinese region fell due to a regional blackout reportedly aimed at allowing safety inspections, implying that the Chinese government could have some significant control over the Bitcoin hash rate.

 

Want more? To stay up to date on all our news, please follow us on Facebook here: