Leading Crypto Companies Band Together to Advocate for Regulatory Clarity in Texas
In an effort to promote regulatory clarity in the cryptocurrency industry, several prominent crypto and blockchain companies have joined forces to establish the Crypto Freedom Alliance of Texas.
The alliance, which includes a16z crypto, Coinbase, Ledger, Bain Capital Crypto, Blockchain Capital, and Paradigm, aims to advocate for the development of coherent and predictable regulations for digital assets within the state of Texas, according to a Monday press release.
The Crypto Freedom Alliance plans to achieve its objectives by launching educational initiatives targeting various stakeholders, including government officials, corporations, non-profit organizations, and other entities.
The aim is to raise awareness about the value of Web3, the decentralized web, and its potential impact on the state of Texas.
"As a resident of Texas, I know this state has a lot to gain from getting crypto policy right," said Kinjal Shah, Chair of Crypto Freedom Alliance of Texas and general partner at Blockchain Capital.
"In the face of federal inaction, Texas should move forward and lead by example with sensible crypto policies that protect consumers and investors, and foster innovation,"
Apart from addressing DAO-related issues, the Crypto Freedom Alliance intends to advocate for crypto-friendly tax laws, bank charter laws, and bank regulations.
Quintenz pointed to Wyoming's bank charter laws as a positive example of what can be achieved by crypto-friendly legislatures.
Texas has emerged as a prominent hub for crypto mining in the United States, with companies like Genesis Digital Assets and Hut8 establishing a strong presence in the state.
For one, Hut8 has relocated thousands of mining computers to Texas, which demonstrates the growing
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