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Two Texas lawmakers have introduced identical bills for creating a state-based digital currency backed by gold, a move that comes despite objections from several United States lawmakers against introducing a central bank digital currency (CBDC).Senator Bryan Hughes introduced Senate Bill 2334 on March 10, with Representative Mark Dorazio introducing House Bill
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Two Republican lawmakers from Texas, senator Bryan Hughes and representative Mark Dorazio, have introduced legislation to create a gold-backed digital currency that could be enacted by the state legislature. The policymakers believe that this currency could greatly benefit the Lone Star State and, as an alternative digital currency, it could
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Texas is one of the world's largest hubs for the energy-intensive bitcoin mining industry, largely due to low electricity prices and a favorable business environment. However, the tide started to turn for the industry around the summer 2022, as the Texas grid operator slowed down approvals for new facilities due
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The Texas Senate Committee on Business and Commerce has passed legislation that would largely remove incentives for miners operating under the state’s crypto-friendly regulatory environment. In an April 4 session of the committee, Texas lawmakers agreed to move forward in a 10-0 vote on Senate Bill 1751 first introduced by state
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Texas’ Bitcoin mining industry has shown growth amid turmoil in the crypto industry and concerns over power consumption. Power consumption of Bitcoin miners in the state has risen 75% over the past year. Some counties in the state of Texas have offered tax incentives along with wind and solar energy to miners. A
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Cody Harris, a member of the Texas House of Representatives, has introduced a resolution aiming to have the legislature say the “Bitcoin economy is welcome” in the state.In a resolution released on March 21, Harris encourages Texas lawmakers to “express support for protecting individuals who code or develop on the Bitcoin
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“While Binance US has affirmatively represented to its customers that it was working on getting licensed in Texas, Binance US has never applied for a license with the SSB [State Securities Board] and, after a year, abandoned its license application with the DOB [Department of Banking] after failing to submit
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Texas believes that the restructuring plan appears to discriminate unjustly against Texas-based customers. A recent court filing has revealed that Texas is moving against the proposed buyout deal between Binance.US and defunct crypto lender Voyager Digital. The motion, which was jointly submitted by the Texas State Securities Board and the Department
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Texas' State Securities Board and the Department of Banking are objecting to a proposed deal between Binance.US and bankrupted crypto lender Voyager Digital, shows a court filing from Feb. 24. According to the document, Binance.US's terms of service and restructuring plan contain a number of "inadequate" disclosures, including not informing unsecured creditors
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On Feb. 14, 2023, Milena Mayorga, the Salvadoran ambassador to the United States, announced that her country is considering opening a second bitcoin embassy in the Lone Star State. Mayorga said that Texas is “our new ally” and the goal is to expand “commercial and economic exchange projects.” Ambassador Milena Mayorga
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