Bitcoin is rapidly becoming legal in various countries. The crypto industry won in Texas with Bitcoin leading the way in America.
Texas approves laws to protect Bitcoin.
Texas rules in favor of Bitcoin, and cryptocurrency technology legislation gives Bitcoin a boost.
In addition to the Texas bills, the latest proposed debt ceiling deal did not include the Biden Administration’s proposed 30% tax on Bitcoin miners.
PRO-BITCOIN LEGISLATION REIGNS VICTORIOUS IN TEXAS THIS YEAR AS THE LEGISLATIVE SESSION END
Bitcoin policy advocates celebrated several victories in the recent quarter, including the success of Texas SB 1929, a pro-mining bill, and the defeat of Texas SB 1751, an anti-mining bill. VP of Research at Riot Platforms Pierre Rochard expressed gratitude to everyone involved, stating, “Texas will continue to be #Bitcoin country!”
These legislative outcomes will contribute to the growth and stability of Bitcoin mining operations in Texas. As Brian Morgenstern, head of public policy at Riot Platforms reported, SB 1751 did not pass, ensuring the continuation of the state’s usage of Bitcoin miners’ flexibility in balancing and stabilizing the power grid.
In contrast, SB 1929 successfully passed, establishing a registration process for Bitcoin miners to share information with ERCOT, enhancing transparency and grid reliability. Additionally, HB 591 was approved, providing a tax incentive for utilizing gas that would otherwise be flared into the atmosphere for on-site Bitcoin mining, promoting emissions reduction.
Another significant development was the passing of HB 1666, which introduced a proof-of-reserves regime, positioning Texas as a leader in building confidence within the digital asset ecosystem. These legislative achievements reflect the collaborative efforts of various stakeholders and industry participants, including Riot Platforms, The Texas Blockchain Council and the Chamber of Digital Commerce according to Morgenstern.
In addition to these developments, public miner stocks also surged on the news that the U.S. debt ceiling deal may be finalized soon, and that it does not include President Joe Biden’s proposed 30% tax on energy used for Bitcoin mining.
While these successes mark important milestones, advocates acknowledge that their work is far from over. But the Bitcoin community remains optimistic about the future and the continued growth of the industry, with the positive outcomes achieved in Texas during this legislative session setting a favorable precedent for Bitcoin-related policies and innovation in the United States.
