New Crypto Alliance Forms in Texas to Advocate Digital Assets Regulation

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Mon, 02 Oct 2023, 05:47 PM
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New Crypto Alliance Forms in Texas to Advocate Digital Assets Regulation

Leading crypto businesses form Texas alliance for clear digital asset regulations, emphasizing education and legal adjustments.

Fri, 15 Sep 2023, 10:44 am UTC

Texas recently became the focal point for digital asset innovation as leading crypto businesses launched the Crypto Freedom Alliance of Texas. Announced on September 11, the alliance consists of key players such as Coinbase, a16z crypto, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm. Their mission is to pave the way for clear and consistent digital asset regulations within the state.

The initiative isn't just about regulations. The Alliance is also keen on spreading knowledge. Their strategy includes embarking on educational drives targeting key sectors including government agencies, business corporations, charitable organizations, and others. The main idea behind this effort is to showcase the potential and significance of Web3 technology to the Texan landscape.

During the Permissionless II conference held in Austin, Brian Quintenz, the global policy lead for a16z crypto, shed light on the Alliance’s motivations. He believes that Texas, with its legal framework and openness, can become a nurturing ground for Web3 developers. A crucial aspect of this is the state's adoption of the Uniform Code of Unincorporated Associations, making it a prime choice for decentralized autonomous organizations (DAOs).

Quintenz noted the importance of DAOs having a clear legal standing. Yet, he emphasized that some tweaks to the existing Unincorporated Association laws would be necessary. This is to ensure DAOs gain proper legal recognition without diluting their decentralized essence. The goal isn't to offer a blanket classification for all but to establish criteria that truly decentralized entities can meet.

Besides focusing on DAO-related laws, the alliance has broader aspirations. They're looking to usher in tax laws favorable to cryptocurrencies and promote conducive bank regulations and charter laws. Quintenz pointed to Wyoming's progressive bank charter regulations as an illustrative case of what can be achieved when legislatures understand and support crypto innovations.

The rising interest in Texas as a crypto hub is undeniable. Genesis Digital Assets has already positioned most of its computational power in the state. Similarly, Hut8, a crypto mining enterprise, transferred 6,400 mining computers to Texas on July 3, showcasing the state's growing significance in the crypto mining sector.

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